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On May 1 , Year 1 , a company paid $48,000 for 24 months of advance rent on its warehouse. Assuming the company has a

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On May 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? Cashbasis=$48,000;Accrual=$24,000.Cashbasis=$16,000;Accrual=$48,000.Cashbasis=$24,000;Accrual=$24,000.Cashbasis=$48,000;Accrual=$16,000

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