24. Equal monthly rental payments for a particular lease should be charged to Rental Expense by the lessee for which of the following? Capital Lease Operating Lease a. Yes No b. Yes Yes c. No No d. No...

Equal monthly rental payments for a particular lease should be charged to Rental Expense by the lessee for which of the following?

Capital Lease	Operating Lease

On December 1, 2002, Blake Inc. signed an operating lease for a warehouse for ten years at $24,000 per year. Upon execution of the lease, Blake paid $48,000 covering rent for the first two years. How much should be shown in Blake's income statement for the year ended December 31, 2002, as rent expense?