The entire amount of 765000 was charged to rent expense in, Ask an Expert

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On December 1, 2011, Goetz Corporation leased office space for 10 years at a monthly rental of $90,000. On that date Perez paid the landlord the following amounts:
Rent deposit $ 90,000
First month's rent 90,000
Last month's rent 90,000
Installation of new walls and offices 495,000
$765,000
The entire amount of $765,000 was charged to rent expense in 2011. What amount should Goetz have charged to expense for the year ended December 31, 2011?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M962284

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