Question: A new long-term lease is entered into for extra storage space for the new product line of ink cartridges. The net present value of the

A new long-term lease is entered into for extra storage space for the new product line of ink cartridges. The net present value of the future lease payments is $120,400. The lease is for two years at $5,000 per month beginning March 1.

Book the journal entry for paid rent expenses for the first half of the year in cash.

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