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What is the net rent income for the current year? * a. 275,000 b. 290,000 c. 350,000 d. 365,000

What is the net rent income for the current year? * a. 275,000 b. 290,000 c. 350,000 d. 365,000

FINANCIAL ACCOUNTING
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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What is the net rent income for the current year? *
a. 275,000
b. 290,000
c. 350,000
d. 365,000

At the beginning of current year, Bin Company leased a building to Nance Company under an operating lease for 10 years at Php500,000 per year, payable the first day of each lease year. Vince paid Php150,000 to a real estate broker as indirect cost. The building is depreciated Php120,000 per year. Bin Company incurred insurance and property tax expense totaling Php90,000 for the current year.
Transcribed Image Text:At the beginning of current year, Bin Company leased a building to Nance Company under an operating lease for 10 years at Php500,000 per year, payable the first day of each lease year. Vince paid Php150,000 to a real estate broker as indirect cost. The building is depreciated Php120,000 per year. Bin Company incurred insurance and property tax expense totaling Php90,000 for the current year.
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