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Greeley [361]
2 years ago
13

On December 1, 2021, Carlos entered into a lease on a building for use in his business for $1,000 per month. Under the lease ter

ms, Carlos pays 18 months’ rent ($18,000) in advance on December 1. How much can Carlos deduct for rent in 2021?
a. $12,000
b. $18,000
c. $1,000
d. $13,000
Business
1 answer:
kipiarov [429]2 years ago
5 0

The amount that Carlos can deduct for rent in the year 2021, based on his annual rent is <u>c.$1,000.</u>

<h3>Rent in 2021</h3>

When recording rent, you can only record it for the period that the financial statement is for.

The rent given is for 18 months from December 2021 which means that it will be for only a single month in December.

The rent will therefore be a rental amount for a month:

= Rental amount / Number of months

= $18,000 / 18

= $1,000

In conclusion, option C is correct.

Find out more on prepaid rent at brainly.com/question/1079277.

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