A company prepares its financial statements on 30 April each year. Rent is paid quarterly in advance
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A company prepares its financial statements on 30 April each year. Rent is paid quarterly in advance on 1 January, 1 April, 1 July and 1 October. The annual rent is $84 000 annually until 30 June 2012. Then the rent was increased to $96 000 per year. What rent expense and end-of-year prepayment should be included in the financial statements for the year ended 30 April 2013?LO1.
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