Account for rent expense. (LO 1, 3)

Florida's Number One Credit Solution Organization started the year with \(\$ 1,850\) of prepaid rent, \(\$ 25,000\) of cash, and \(\$ 26,850\) of retained earnings. During the year, Florida paid additional rent in advance amounting to \(\$ 16,275\). The rent expense for the year was \(\$ 16,850\). What was the balance in prepaid rent on the year-end balance sheet?