question archive On January 1, 20x1, Lessor leased office space to Lessee
On January 1, 20x1, Lessor leased office space to Lessee
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On January 1, 20x1, Lessor leased office space to Lessee. Payments on the lease will be made as follows:
Year Rental payment
Dec 31, 20x1 200,000
Dec. 31, 20x2 240,000
Dec 31, 20x3 260,000
As an inducement to enter to the lease, Lessor granted Lessee the first six months of the lease as rent-free.
Additional rent (contingent rent) of 10% is to be paid for any excess of sales of Lessee over P2, 000,000. Lessee's sales for 20x1. 20x2, and 20x3 are P1,800,000, P2,000,000, and P3,000,000, respectively.
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