On December 31,2013,a company paid $10,000 to rent a storage facility from July 1,2014 to July 1,2015.Choose the true statement.
A) The Balance Sheet at December 31,2013 should report prepaid rent of $10,000 as a non-current asset.
B) The income statement at December 31,2013 should report rent expense of $10,000.
C) The Income Statement for the year ended December 31,2013 is unaffected by this transaction.
D) The Balance Sheet at December 31,2014 will not report any of this rent as an asset.
Correct Answer:
Verified
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