Office Palace, Inc., signed a contract to lease an all-in-one printer to a new customer, Ashley,...

 

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Office Palace, Inc., signed a contract to lease an all-in-one printer to a new customer, Ashley, on December 27, 2023. The contract called for rent of $600 per month for a period of 36 months beginning January 1, 2024. Ashley was required to pay the first and last month's rent at the time the lease was signed. Ashley was also required to pay a $1,500 damage deposit. Office Palace must recognize as income for the lease: Office Palace, Inc., signed a contract to lease an all-in-one printer to a new customer, Ashley, on December 27, 2023. The contract called for rent of $600 per month for a period of 36 months beginning January 1, 2024. Ashley was required to pay the first and last month's rent at the time the lease was signed. Ashley was also required to pay a $1,500 damage deposit. Office Palace must recognize as income for the lease:

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