Jones Inc. recently signed a three-year lease agreement for office space. Jones will pay $1,000 in monthly rent, and the amount of this rent will escalate by the greater of 2% annually, or by the annual charge in the Consumer Price Index (CPI), whichever is greater. The lease commences on 1/1/X1 and will terminate on 12/31/X3. What amount of monthly rent payments should Jones assume in measuring its lease liability? Consult accounting firm guidebooks as necessary to assist authoritative guidance in interpreting this issue.

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