On August 1, 2021, PAC Aviation leased two helicopters from Fast Aircraft for an initial period of 12 months with a provision for a continuation of a month-to-month basis. The lease is properly classified as an operating lease. Lease payments are to be made as follows: • 1st two months- P15,000 per month • Next three months - P12,000 per month Next three months - P10,000 per month • Last four months - P7,500 per month After the first year, the rent continues at P6,000 per month. What are the amounts reported in PAC Aviation's financial statements for the year 2021? * Rent revenue of P52,500 and Rent receivable of P13,500 Rent revenue of P52,500 and Unearned rent of P13,500 Rent revenue of P66,000 and Rent receivable of P13,500 Rent revenue of P66,000 and Unearned rent of P13,500

On August 1, 2021, PAC Aviation leased two helicopters from Fast Aircraft for an initial period of 12 months with a provision for a continuation of a month-to-month basis. The lease is properly classified as an operating lease. Lease payments are to be made as follows: • 1st two months- P15,000 per month • Next three months - P12,000 per month Next three months - P10,000 per month • Last four months - P7,500 per month After the first year, the rent continues at P6,000 per month. What are the amounts reported in PAC Aviation's financial statements for the year 2021? * Rent revenue of P52,500 and Rent receivable of P13,500 Rent revenue of P52,500 and Unearned rent of P13,500 Rent revenue of P66,000 and Rent receivable of P13,500 Rent revenue of P66,000 and Unearned rent of P13,500

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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