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Posted on Jun 15, 2024

Theta prepares its financial statements for the year to 30 April each year. The company pays rent for its premises quarterly in advance on 1

Theta prepares its financial statements for the year to 30 April each year. The company pays rent for its premises

quarterly in advance on 1 January, 1 April, 1 July and 1 October each year. The annual rent was $84,000 per year

until 30 June 20X5. It was increased from that date to $96,000 per year.

What rent expense and end of year prepayment should be included in the financial statements for the year ended

30 April 20X6?

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