California Condos
California Condos Uses the Accrual Basis of Accounting

California Condos
California Condos uses the accrual basis of accounting, and had the following account balances on its financial statements at December 31, Year 1.
$\begin{array}{lr}\text { Rent revenue } & \$ 340,000 \\\text { Accounts receivable } & 89,200 \\\text { Utilities payable } & 12,000 \\\text { Rent expense } & 22,000 \\\text { Unearned revenue } & 17,000\\\text { Depreciation expense } & 12,000 \\\text { Salaries expense } & 45,000 \\\text { Salaries payable } & 4,000 \\\text { Retained earnings, January 1 } & 60,000 \\\text { Dividends } & 2,500 \\\text { Interest revenue } & 10,000\end{array}$
-Refer to California Condos.On January 1,the utilities payable account had a zero balance.The company paid cash for utilities totalling $50,000 during Year 1.How much should be reported as utilities expense for the year ended December 31,Year 1?