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As an inducement to enter a lease. Eobard Company, lessor, granted Thawne Company, lessee, nine months rent-free under a five-year operating lease which will commence

As an inducement to enter a lease. Eobard Company, lessor, granted Thawne Company, lessee, nine months rent-free under a five-year operating lease which will commence on June 1, 2022. Monthly rental is P50.000 payable beginning March 1, 2023

1 What amount should Eobard Company report as lease income for the year

2022?

2. What amount should Eobard company report as lease income for the year 2023?

Please provide clear explanation with easy to follow format thanks

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