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Chang Corp leases unused warehouse space to Bradley Corp for $2,500/month, payable in advance. On 9/01/2017, Chang received $30,000 of rent from Bradley for the one-year period 9/01/2017 – 8/31/2018. Determine what amount of the $30,000 rent received by Chang on 9/01/17 should be recognize in its: A. Income statement for the year ended 12/31/2017 as rent revenue B. Balance sheet on 12/31/2017 as unearned rent revenu

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Chang Corp leases unused warehouse space to Bradley Corp for $2,500/month, payable in advance. On 9/01/2017,

Chang received $30,000 of rent from Bradley for the one-year period 9/01/2017 – 8/31/2018. Determine what amount of the $30,000 rent received by Chang on 9/01/17 should be recognize in its:

A.       Income statement for the year ended 12/31/2017 as rent revenue

B.       Balance sheet on 12/31/2017 as unearned rent revenu

 
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