Lift Co entered into an agreement to lease office space on January 1, 2014 for a fixed period of five years. As an incentive to encourage the office space to be occupied, a first year rent-free period...

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Extracted text: Lift Co entered into an agreement to lease office space on January 1, 2014 for a fixed period of five years. As an incentive to encourage the office space to be occupied, a first year rent-free period was included in the agreement after which, Liberty is required to pay an annual rental of $780,000. What amount should be recorded as rent expense if any for the year ended December 31, 2014?