AUSTRIA Company leased a furniture and fixture under a one-year contract. The lessor grants AUSTRIA two months of free rental. The lease is effective August 1, 2022, and provides for a monthly rental of P12,000. The first payment will begin on October 1, 2021.

How much is the Prepaid Rent/Rent Payable at December 31, 2022?

How much is the Rent Expense to be recognized by AUSTRIA in 2023?

Answer rating: 100% (QA)

A As the lease is effective from August 1 2022 and provide... View the full answer