On May 1, 2021, Cedar Corp. paid $432,000 for rent on a new warehouse space for a one year period beginning on May 1, 2021. On November 1, 2021, Cedar Corp. entered into a lease agreement to rent out its old warehouse space it was no longer using. This agreement calls for Cedar to receive $10,000 per month from the lessee, due and payable at the end of the 5-month lease term. At December 31, 2021, none of the rental payments from the lessee had yet been received.