Problem 12-14 (PHILCPA Adapted) On June 1, 2021, Anton Company, as lessor, entered into a real estate lease agreement for a new building. The lease is accounted for as an operating lease and fully executed on that day. According to the terms of the lease, rentals of P300,000 per month are scheduled to begin on November 1, 2021. As an incentive, the period from June 1 to October 31, 2021 is rent free. The lease term spans 5 years. Anton Company has a calendar year-end. 1. What amount should be recognized as total rent income over the lease term? a. 18,000,000 b. 16,800,000 c. 16,500,000 d. 15,000,000 2. What amount should be reported as rent income for 2021? a. 3,300,000 b. 1,925,000 c. 600,000 d. 550,000