Answer:
$9,000
Explanation:
Given:
Date on which the delivery truck has been leased = July 1, 2004
Total rent for the lease = $36,000
Total operating lease time = 3 years
Thus,
Per year lease amount to be paid = $36,000 / 3 = $12,000
Payable amount as:
12 months at $500 = $6,000
12 months at $750 = $9,000
12 months at $1,750 = $21,000
Now,
on June 30, 2006 year of lease has been completed
therefore, the total revenue to be received by the Marr corp. on June 30, 2006 will be:
$12,000 × 2 = $24,000 should be received by the June 30, 2006
but,
The actual amount received during 2 years duration
= 12 months at $500 + 12 months at $750
= $6,000 + $9,000
= $15,000
Therefore,
The amount to be reported in the rent receivable on June 30, 2006
= total revenue to be received - actual amount received
= $24,000 - $15,000
= $9,000
