LLL Company leased equipment to a lessee on April1,2022for an initial period of12months. The lease is properly

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LLL Company leased equipment to a lessee on April 1, 2022 for an initial period of 12 months. The lease is properly classified as an operating lease. Lease payments are to be made as follows (every 1st day of the month):

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

How much is the Unearned Revenue at December 31, 2022?

How much is the Rent Revenue in 2023?

Related Book For answer-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

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

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Posted Date: Jan 04, 2024 04:11 AM

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LLL Company leased equipment to a lessee on April1,2022for an initial period of12months. The lease is properly

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The unearned revenue is the part of the revenue that the company received payment for in advance but ... View the full answer

Intermediate Accounting Reporting and Analysis

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