On November 1st, 2022, Midland Company paid $120,000 to its landlord for 2 years of rent. The rental fee was $5,000 per month and the prepaid rent would expire on October 31st, 2024. On Midland Company's income statement for the year ended December 31st, 2022, what was Midland Company's rent expense?

Answer rating: 100% (QA)

The rent paid by Midland Company is a prepaid expense as it covers two years of rent and ... View the full answer