Happy Company grants Incredible Company first month rent-free under a 12-month lease for low-value assets...
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Happy Company grants Incredible Company first month rent-free under a 12-month lease for low-value assets such as furniture, tablets, and laptops. The lease is effective August 1, 2021 and provides for a monthly rental of 12,000, payment of which will begin on September 1, 2021. How much is the rent expense reported in Happy Companys profit or loss for the year ended December 31, 2021?
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