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On January 1, Year 4. Wren Co. leased a building to Brill under an operating lease for 10 years at $50,000 per year, payable the
On January 1, Year 4. Wren Co. leased a building to Brill under an operating lease for 10 years at $50,000 per year, payable the first day of each lease year. Wren paid $15,000 to a real estate broker as a finder's fee. The building is depreciated $12,000 per year. For Year 4, Wren incurred insurance and property tax expenses totaling $9,000. Wren's net rental income for Year 4 should be $35,000 $29,000 q $27,500 $36,500
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