Solution-What total amount of the expenses should be

What total amount of the expenses should be reported

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Question - Kew Company leases and operates a retail store. The following information relates to the lease for the current year; The store lease, an operating lease, calls for a base monthly rent of 15,000 on the first day of each month. Additional rent is computed at 6% net sales over 3,000,000 up to 6,000,000 and 5% net sales over 6,000,000 per calendar year. Net sales for the current year amounted to 9,000,000. The entity paid executor costs to the lessor for property taxes of 120,000 and insurance of 50,000. What total amount of the expenses should be reported for the year?

Reference no: EM133188918

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What total amount of the expenses should be reported

Reference no: EM133188918

Reference no: EM133188918

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