Elite Company was engaged in leasing machinery. The following were obtained from the incomplete records of Russia related to their operating lease accounts: 12/31/2018 12/31/2019 ... Total collections from lessees 860,000 900,000 340,000 Total rent income recognized Unearned rent income 400,000 Accrued rent income 225,000 Question 44 The amount of Accrued Rent Income on December 31, 2019 is PBlank 1.

Elite Company was engaged in leasing machinery. The following were obtained from the incomplete records of Russia related to their operating lease accounts: 12/31/2018 12/31/2019 ... Total collections from lessees 860,000 900,000 340,000 Total rent income recognized Unearned rent income 400,000 Accrued rent income 225,000 Question 44 The amount of Accrued Rent Income on December 31, 2019 is PBlank 1.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please calculate the rental income for tax purposes. In July 2022, an individual acquires a rental property for $ 20,000. $110,000 is allocated to the land and $160,000 is allocated to the building. The property is rented for $ 1,800 per month. Condo fees are $50 per month, property taxes are $1,000 per year and interest expense for 2022 is $6,100. Note: the building was acquired after 1987 for residential use; therefore, a class 1 asset (CCA rate = 4%)
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Please help me with part a.
On December 1, 2020, Carlos entered into a lease on a building for use in his business for $1,500 per month. Under the lease terms, Carlos pays 12 months’ rent ($18,000) in advance on December 1. How much can Carlos deduct for rent in 2020? a. $18,000 b. $1,000 c. $13,000 d. $12,000
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