On July 1,2001,ABC Inc. leased a low valued asset from Titan Corp. under a 3 year operating lease. Total rent for the term of the lease will be 36,000 payable as follows: 12 months at 500=6000 12 months at 750= 9000 12 months at 1750= 21000 All payments were made when due. In Titan's June 30,2003 bakance sheet, what amount should be reported as accrued rent receivable? a. 6000 b. 9000 c. 15000 d. 21000

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.