On January 1, Year 1, Park Co. signed a 10-year operating lease for office space at USD96,000 per year. The lease included a provision for additional rent of 5% of annual company sales in excess of USD500,000. Park's sales for the year ended December 31, Year 1 were USD600,000. Upon execution of the lease, Park paid USD24,000 as a bonus for the lease. Park's rent expense for the year ended December 31, Year 1 is:
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