The records of CTC reported rent expense for 20x5 (paid in cash during 20x5) of $53,500.An audit revealed that the following accrued and prepaid amounts were not recorded in the adjusting entries for 20x4 and 20x5: 
What amount should have been reported for 20x5 rent expense?
Definitions:
Unit Price Elastic
A condition where a change in the price of a good or service has a proportional change in the quantity demanded or supplied.
Quantity Demanded
The overall quantity of a product or service that customers are ready to buy at a particular price during a defined timeframe.
Normal Good
A normal good is a type of good for which demand increases when income increases, and falls when income decreases but price remains constant.
Income Rises
An increase in the amount of money received by individuals or entities, typically through wages, dividends, or investments.
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