Bubble Co leased a machine from Balloon Co for 5 years commencing on 1 January...
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Accounting
Bubble Co leased a machine from Balloon Co for 5 years commencing on 1 January 20X1. Bubble Co is required to make annual payments of $500, however as an incentive, Balloon Co has provided an initial six month rent free period. Balloon Co classifies the lease as an operating lease. What lease income should Balloon Co recognise in the year ended 31 December 20X1? $500
$450
$250
$600
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