On July 01, 2011, a company leased a piece of land under a 3-year lease. Total rent for the term of the lease will be P3,600,000 payable as follows. All payments were made when due. How much is the lessor's rent revenue for the fiscal year ended June 30, 2012 suppose it classifies the lease as an operating lease? a. P600,000 b. P900,000 c. P1,200,000 d. P2,100,000

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.