Question
On May 1, 2021, Cedar Corp. paid $432,000 for rent on warehouse space one year in advance. The lease term is May 1, 2021 through
On May 1, 2021, Cedar Corp. paid $432,000 for rent on warehouse space one year in advance.
The lease term is May 1, 2021 through April 30, 2022. If Cedar makes the appropriate adjusting entry, how much will be reported on the December 31, 2021 income statement for rent expense?
A) $288,000
B) $268,000
C) $144,000
D) $432,000
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Financial accounting
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
9th edition
978-0132751216, 132751127, 132751216, 978-0132751124
