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A business compiling its accounts for the year to 31 January each year pays rent quarterly in advance on 1 January, 1 April, 1 July and 1 October each year. After remaining unchanged for some years, the rent was increased from $24,000 per year to $30,000 per year as from 1 July 20X0. Which of the following figures is the rent expense which should appear in the statement of comprehensive income for year ended 31 January 20X1? A. $29,500 B. $28,000 C. $29,000 D. $27,500 |