A business sublets part of its office accommodation. The rent is received quarterly in advance...
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Accounting
A business sublets part of its office accommodation.
The rent is received quarterly in advance on 1 January, 1 April, 1 July and 1 October. The annual rent has been $36,000 for some years, but it was increased to $42,000 from 1 July 20X5.
What amounts for this rent should appear in the company's financial statements for the year ended 31 January 20X6? (SOPLOCI and SOFP)
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