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In this video, Fitz and his dog FIFO welcome viewers to Accounting Academy and focus on helping their friend Paul, who owns a chain of veterinary clinics called Pet Vet. Paul is uncertain about how to account for modifications to his leases due to expanding his clinic. He explains that he is adding another thousand square feet to his existing office, but the new space is being added at the current market rate, which is higher than the original rate. Fitz acknowledges that the cost of the expansion exceeds that of the original square footage and prepares to discuss the accounting implications of these changes.
