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How much will be reported for rent expense

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Question - On May 1, 2021, Cedar Corp. paid $432,000 for rent on a new warehouse space for a one year period beginning on May 1, 2021. On November 1, 2021, Cedar Corp. entered into a lease agreement to rent out its old warehouse space it was no longer using. This agreement calls for Cedar to receive $10,000 per month from the lessee, due and payable at the end of the 5-month lease term. At December 31, 2021, none of the rental payments from the lessee had yet been received. If Cedar makes the appropriate adjusting entry, how much will be reported for rent expense on the income statement for the year ending December 31, 2021?

Reference no: EM132597132

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