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On July 1, 20X9, Gee, Inc. leased a delivery truck from Marr Corp. under a 3-year operating lease. Total rent for the term of the lease will be $36,000, payable as follows:
12 months at $ 500 = $ 6,00012 months at $ 750 = 9,00012 months at $1,750 = 21,000
Problem 1: All payments were made when due. In Marr's June 30, 20X11, balance sheet, the accrued rent receivable should be reported as
A. $0
B. $9,000
C. $12,000
D. $21,000
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