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Long Beach, Inc., a lessor, charges Applewood Corp., a lessee, a $1,200 nonrefundable fee to enter into a five-month lease. The lease is effective on

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Long Beach, Inc., a lessor, charges Applewood Corp., a lessee, a $1,200 nonrefundable fee to enter into a five-month lease. The lease is effective on 11/1/23. It provides for monthly rental of $2,000. In Applewood's income statement for the year ended 12/31/23, rent expense should be Select one: a. $4,480 b. $6,720 c. $3,520 d. $4,000 e. $5,200

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