A company has an operating lease for its office space. The lease term is 120 months and requires monthly rent of $15,000. As an incentive for the company to enter into the lease, the lessor granted the first eight months' rent at no cost. What amount of monthly rent expense should be recognized over the life of the lease?
a) $14,000
b) $14,062
c) $15,000
d) $16,072
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