b) (4 Marks) On 1 January 2022 Hull Ltd entered into a 10-month lease for a retail unit. Lease rent were 12, 000 per month payable in advance. As an incentive however, Hull Ltd was given the first month as a rent free period. Required Calculate the rent expense which should be recognised in Hull Ltd statement of profit or loss for the year ended 31 March 2022. Assume that Hull Ltd elects to use the short term lease exemption under IFRS 16.

On 1 January 2022 Hull Ltd entered into a 10-month lease for a retail unit. Lease rent were 12,000 per month payable in advance. As an incentive however, Hull Ltd was given the first month as a rent-free period. Required Calculate the rent expense which should be recognised in Hull Ltd' statement of profit or loss for the year ended 31 March 2022. Assume that Hull Ltd elects to use the short-term lease exemption under IFRS 16