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On 3/1/X1 Landlord Co. received a $36,000 cash payment from Renter Co. to pay for a total of 17 months, starting in the current month. How much revenue should Landlord Co. recognize in the year ending 12/31/X1? Round your answer to the nearest penny.

(anyone know accounting?)

Respuesta :

Answer:

revenue recognized is $21,176

Explanation:

The computation of the revenue recognized is shown below:

= received amount for 17 months × given months ÷ total number of months

= $36,000 × 10 months ÷ 17 months

= $21,176

The 10 month is calculated from March 1 to December 31

Hence,  revenue recognized is $21,176

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