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In this video tutorial from Accounting Academy, Fitz and his dog FIFO help Paul, the owner of Pet Vet, with accounting issues related to changes in his leases. Paul is expanding his successful veterinary clinic by adding 1,000 square feet to his existing office, but the new space will be charged at the current higher market rate. Fitz discusses how to account for the increased costs associated with the expansion, which is important for proper financial management. The conversation focuses on understanding lease modifications and their implications for accounting practices.
