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1. On January 1, 2019, an entity purchased a new machine for P6,000,000 for the purpose of leasing it. The machine had an estimated 10-year

1. On January 1, 2019, an entity purchased a new machine for P6,000,000 for the purpose of leasing it. The machine had an estimated 10-year life. On April 1, 2019, the entity leased the machine to a lessee for three years at a monthly rental of P400,000. The lessee paid the rental for one year of P4,800,000 on April 1, 2019 and additional paid P900,000 to the lessor as a lease bonus to obtain the three-year lease. On April 1, 2019, the entity paid P300,000 to a broker as a finder fee. What is the net rental income for 2019?

2. On July 1, 2019, an entity leased an equipment to a lessee under a 3 year operating lease. Total rent for the lease term is P3,600,000, payable P50,000 monthly for the first lease year, P75,000 monthly for the second lease year and P175, 000 monthly for the third lease year. All payments were monthly for the second lease year and P175,000 monthly for the third lease year. All payments were made when due. On June 30, 2021 what amount should be reported as accrued rent receivable?

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