(Answered) Assume a retail tenant is paying a base rent of 120000 per

Accounting

Assume a retail tenant is paying a base rent of $120,000 per year (or $10,000 per month). In addition, the tenant must pay 7 percent of gross store sales in excess of $143,000 per month as percentage rent. If the store produces $170,000 in gross sales in a month, what is the percentage rent in that month? What is the total rent due for the month?

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