1. On July 1, 20X8, Rents-A-Lot Inc. paid $96,000 for 24 months of rent on their warehouse. On December 31, 20X9, what would be the amount of rent expense in the 20X9 financial statements for Rents-A-lot under both the cash-basis and accrual-basis accounting? A. Cash-basis = $36,000; Accrual-basis = $36,000. B. Cash-basis = $0; Accrual-basis = $48,000. C. Cash-basis = $96,000; Accrual-basis = $24,000. D. Cash-basis = $0; Accrual-basis = $24,000