Question 2 (Total 26 marks) Mr. Lee owns a property in Hong Kong. Mr. Lee let to Ms. Ho for one year commencing 1 January 2017 with a monthly rent HK$20,000. Ms. Ho left the property without paying December 2017 rent to Mr. Lee. Mr. Lee then let the property to Mr. Ip for a four year period commencing 1 January 2018. The consideration was a lump sum premium of HK$72,000 payable on 1 January 2018 and monthly rental of HK$20,000 payable in advance on the first day of each month. The outstanding rent from Ms. Ho was confirmed to be bad and irrecoverable by assessor on 1 April 2018. However, luckily that Ms. Ho willing to pay back the outstanding rent in full to Mr. Lee in May 2021.