| A business compiling its financial statements for the year to 31 July each year pays rent quarterly in advance on1 January, 1 April, 1 July and 1 October each year. The annual rent was increased from $60,000 per year to
 $72,000 per year as from 1 October 2003.
 What figure should appear for rent expense in the business income statement for the year ended 31 July 2004?
 A   $69,000
 B   $62,000
 C   $70,000
 D   $63,000
 C (2 x 5,000) + ( 10 x 6,000) |