On July 1, Year 1, a company paid $48,000 for 24 months of advance rent on its warehouse. Assuming the company has a December year end, what would be the amount of rent expense in Year 1 under cash basis versus accrual accounting? Multiple Choice Cash bosis = $24,000, Accrual $24,000. Cash basis - $48.000: Accrual = $12,000 Cash basis = $12.000: Accrual $36.000 Required information Cash basis = $24,000; Accrual = $24,000. O Cash basis = $48,000: Accrual = $12,000 G O Cash basis = $12,000; Accrual = $36,000 O Cash basis = $48,000: Accrual = $24,000