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A business compiling it’s financial statement for the year to 31 July each year pays rent quarterly in advance on 1 January,1 April,1 July and October each year.the annual rent was increased from $60,000 per year to $72,000 per year as from 1 October 2013.
What figure should appear for rent expense in business’s statement of profit and loss and other comprehensive income for the year ended 31 July 2014?

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