An entity pays rent quarterly in arrears on Jan. 1, Apr 1, July 1 and Oct 1 each year. The ren was increased from 900,000 to 1,200,000 per year starting Oct 1 2014. What rent expense and rent payable amounts should be included in the entity's financial statements for the year ended Jan 31, 2015.

What do you think? If the quarterly payments have been made on time then what remains is the question of what it is outstanding