. Bryant leased a land to Joe for a period of years starting Janaury 1, 2016...
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. Bryant leased a land to Joe for a period of years starting Janaury 1, 2016 at a monthly rental of P2,000. Observing the provisions of the contract, Joe constructed a building which shall become the property of Bryant at the expiration of the lease. The construction was completed on December 30, 2016 at a cost of P1,000,000 with an estimated life of 20 years How much income is to be reported by Bryant in 2016 under outright method How much income is to be reported by Bryant in 2017 under spread out method Supposed on February 1, 2020 the building was destroyed by fire, how much loss did Bryant incur? . Bryant leased a land to Joe for a period of years starting Janaury 1, 2016 at a monthly rental of P2,000. Observing the provisions of the contract, Joe constructed a building which shall become the property of Bryant at the expiration of the lease. The construction was completed on December 30, 2016 at a cost of P1,000,000 with an estimated life of 20 years How much income is to be reported by Bryant in 2016 under outright method How much income is to be reported by Bryant in 2017 under spread out method Supposed on February 1, 2020 the building was destroyed by fire, how much loss did Bryant incur?
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a Under the outright method Bryant would report the full rental income received in 2016 Since the le... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
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