On December 1, 2014, XYZ leased office space for its own use for 10 years at a monthly rental of $15,000.On December 31, 2014, XYZ paid the lessor the following amounts: The entire amount of $146,000 was reported as rent expense in 2014 because it is an operating lease.What amount should XYZ have reported as expense for the year ended December 31, 2014?
A)$30,800
B)$15,000
C)$15,800
D)$96,000

Question

On December 1, 2014, XYZ leased office space for its own use for 10 years at a monthly rental of $15,000.On December 31, 2014, XYZ paid the lessor the following amounts:  The entire amount of $146,000 was reported as rent expense in 2014 because it is an operating lease.What amount should XYZ have reported as expense for the year ended December 31, 2014?
A)$30,800 
B)$15,000 
C)$15,800 
D)$96,000

Quizplus · Accepted Answer

The Answer of On December 1, 2014, XYZ leased office space for its own use for 10 years at a monthly rental of $15,000.On December 31, 2014, XYZ paid the lessor the following amounts:  The entire amount of $146,000 was reported as rent expense in 2014 because it is an operating lease.What amount should XYZ have reported as expense for the year ended December 31, 2014?
A)$30,800 
B)$15,000 
C)$15,800 
D)$96,000

On December 1, 2014, XYZ Leased Office Space for Its