Kupa Corp was engaged in leasing machinery. The following were obtained from the incomplete records of Kupa related to their operating lease accounts: · Total collections from rent, Dec. 31, 2020- P940,000 · Total rent income recognized, Dec. 31, 2020-P1,200,000 · Unearned rent income, Dec. 31, 2019- P600,000 · Unearned rent income, Dec. 31, 2020- P460,000 · Accrued rent income, Dec. 31, 2019- P345,000 What is the amount of accrued rent account on December 31, 2020?

Kupa Corp was engaged in leasing machinery. The following were obtained from the incomplete records of Kupa related to their operating lease accounts: · Total collections from rent, Dec. 31, 2020- P940,000 · Total rent income recognized, Dec. 31, 2020-P1,200,000 · Unearned rent income, Dec. 31, 2019- P600,000 · Unearned rent income, Dec. 31, 2020- P460,000 · Accrued rent income, Dec. 31, 2019- P345,000 What is the amount of accrued rent account on December 31, 2020?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 24E

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