In the current year, Jerry signed a 5-year lease to rent space to the MacBee restaurant. That year, MacBee paid Jerry $24,000 for the first year's rent and $24,000 for the last year's rent. Jerry reports his income using the accrual method of accounting.
How much of the $48,000 is included in Jerry's current-year income?
A. $ 24,000
B. $120,000
C. $ 48,000
D. $ 0
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