On december 1 2002 blake inc. signed an operating lease for, Ask an Expert

Accounting

On December 1, 2002, Blake Inc. signed an operating lease for a warehouse for 10 years at $24,000 per year. Upon execution of the lease, Blake paid $48,000 covering rent for the first two years. How much should be shown in Blake's income statement for the year ended December 31, 2002, as rent expense?

A. $0

B. $2,000

C. $24,000

D. $48,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9445408

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