On December 1, 2008, Blake Inc. signed an operating lease for a warehouse for ten...
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Accounting
On December 1, 2008, Blake Inc. signed an operating lease for a warehouse for ten years at $24,000per year. Upon execution of the lease, Blake paid $48,000 covering rent for the first two years. Howmuch should be shown in Blake's income statement for the year ended December 31, 2008, as rent ex-pense?a.$0b.$2,000c.$24,000d.$48,000
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