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Sanilac Co. Michigan | Well, rent can be a legitimate liability. If its on a long term agreement, then its a current liability since you're bound by the terms of the lease.
Even a year to year lease should be considered a current liability if a portion of the growing crop identified in your current assets include that which is growing on the rented ground or which have received improvements that will be realized in the next 12 months. Basically, if any of that year to year ground contributes to current assets then it ought to be included as an off setting liability.
Think wheat, or any other annual crop as of the date of the balance sheet.
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