On December 1, 2017, Quincannon Corp.leased office space for 10 years at a monthly rental of $25,000, under an operating lease.On that date Quincannon paid the landlord the following amounts: Quincannon debited the entire $210,000 payment to Prepaid Rent.
How much should Quincannon recognize as rent expense for the year ended December 31, 2017?

Question

On December 1, 2017, Quincannon Corp.leased office space for 10 years at a monthly rental of $25,000, under an operating lease.On that date Quincannon paid the landlord the following amounts:  Quincannon debited the entire $210,000 payment to Prepaid Rent.
How much should Quincannon recognize as rent expense for the year ended December 31, 2017?

Quizplus · Accepted Answer

The Answer of On December 1, 2017, Quincannon Corp.leased office space for 10 years at a monthly rental of $25,000, under an operating lease.On that date Quincannon paid the landlord the following amounts:  Quincannon debited the entire $210,000 payment to Prepaid Rent.
How much should Quincannon recognize as rent expense for the year ended December 31, 2017?