FDN Trading is renting out a portion of its building. On July 1, 2022, it received a one-year advance rental for P456,000 from one of its tenants. The advance rent covers the period from July 1, 2022 to June 30, 2023. How much should be reported as Rent Income for the year ended December 31, 2022? Note: Round off final answer to the nearest peso.

Q: pecia

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.