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What is brad deduction for the rent and insurance

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Problem 1: Brad operates a storage business on the accrual method. On July 1 Brad paid $48,000 for rent on his storage warehouse and $18,000 for insurance on the contents of the warehouse. The rent and insurance cover the next 12 months. What is Brad's deduction for the rent and insurance?

Option 1: $48,000 for the rent and $18,000 for the insurance.
Option 2: $24,000 for the rent and $18,000 for the insurance.
Option 3: $24,000 for the rent and $9,000 for the insurance.
Option 4: $48,000 for the rent and $9,000 for the insurance.
Option 5: None of the choices are true.

Reference no: EM132829808

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