The records of CTC reported rent expense for 20X5 (paid in cash during 20X5) of $53,500. An audit revealed that the following accrued and prepaid amounts were not recorded in the adjusting entries for 20X4 and 20X5:

	End of 20X4	End of 20X5
Accrued rent expense	$6,000	$3,500
Prepaid rent expense	$7,000	$11,500

What amount should have been reported for 20X5 rent expense?

Multiple Choice

$46,500

$53,500

$60,500

$64,000