Bristle Company leased office premises to Back Company for a five-year term beginning January 1, 2022. Under the terms of operating lease, rent for the first year is P100,000 and rent for years 2 through 5 is P156,250 per annum. However, as an inducement to enter the lease, Bristle granted Back the first three months of the lease rent-free. What amount should Bristle Company report as lease income for 2022 and lease receivable on December 31, 2023, respectively?