On April 1, 2013, Lightpath Technologies paid $40,000 for rent on warehouse space one year...
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Accounting
On April 1, 2013, Lightpath Technologies paid $40,000 for rent on warehouse space one year in advance. If Lightpath makes the appropriate adjusting entry, how much will be reported on the December 31, 2013 income statement for rent expense?
A) 22,500
B) 30,000
C) 7,500
D) 25,000
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