On July 1, 2014, Boron Inc. signed an operating lease for a warehouse for ten years at
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Question:
On July 1, 2014, Boron Inc. signed an operating lease for a warehouse for ten years at $15,000 per year. Upon execution of the lease, Boron paid $15,000 covering rent for the first year. How much should be shown in Boron's income statement for the year ended December 31, 2014, as rent expense?
a. $0
b. $7,500
c. $15,000
d. $30,000
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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