On May 1, 2021, ABC Company leased furniture and fixtures from XYZ Company under a one- year contract. The lease payments are as follows: First 2 months at P12,000 per month Next 4 months at P18,000 per month Next 3 months at P15,000 per month Last 3 months at P10,000 per month After the first year, the rent continues at P8,000 per month. What are the amounts reported in ABC financial statements for the year 2021? O Rent revenue of P114,000 and Rent receivable of P12,000 O Rent revenue of P114,000 and Unearned rent of P12,000 O Rent revenue of P126,000 and Rent receivable of P12,000 O Rent revenue of P126,000 and Unearned rent of P12,000

On May 1, 2021, ABC Company leased furniture and fixtures from XYZ Company under a one- year contract. The lease payments are as follows: First 2 months at P12,000 per month Next 4 months at P18,000 per month Next 3 months at P15,000 per month Last 3 months at P10,000 per month After the first year, the rent continues at P8,000 per month. What are the amounts reported in ABC financial statements for the year 2021? O Rent revenue of P114,000 and Rent receivable of P12,000 O Rent revenue of P114,000 and Unearned rent of P12,000 O Rent revenue of P126,000 and Rent receivable of P12,000 O Rent revenue of P126,000 and Unearned rent of P12,000

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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