Account for rent expense. (LO 1, 3)

Susan rented office space for her new business on March 1, 2008. To receive a discount, she paid \(\$ 3,600\) for 12 months' rent in advance. How will this advance payment appear on the financial statements prepared at year-end, December 31? Assume no additional rent was paid in 2009. Use the following chart for your answers:

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2008 2009 Rent expense for the year Prepaid rent at December 31