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On April 1, Year 1, Hall Fitness Center leased its gym to Dunn Fitness Center un...
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On April 1, Year 1, Hall Fitness Center leased its gym to Dunn Fitness Center under a 4-year operating lease. Hall normally charges $6,000 per month to lease its gym, but as an incentive, Hall gave Dunn half off the first year's rent and one-quarter off the second year's rent. Dunn's rental payments were as follows:
Year 1 - 12 x $3,000 equals $36,000
Year 2 - 12 x $4,500 equals $54,000
Year 3 - 12 x $6,000 equals $72,000
Year 4 - 12 x $6,000 equals $72,000
Dunn's rent payments were due on the first day of the month, beginning on April 1, Year 1. What amount should Dunn report as rent expense in its monthly income statement for April, Year 3? F
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