17. company sublet a portion of its warehouse for five years at an annual rental of $75,000, beginning on May 1, 2017. The tenant, Sheri Charter, paid one year's rent in advance, which Murphy recorded as a credit to Unearned Rent Revenue. Murphy reports on a calendar-year basis. The adjustment on December 31, 2017 for Murphy should be a. No entry b. Unearned Rent Revenue .................... 25,000 Rent Revenue ................ 25,000 c. Rent Revenue ........ 25,000 Unearned Rent Revenue ............ 25,000 d. Unearned Rent Revenue ...... ......... 50,000 Revenue Revenue... 50,000 18. The income statement of Dolan Corporation for 2017 included the following items Interest revenue S141,000 Salaries and wages expense 210,000 Insurance expense 21,200 The following balances have been excerpted from Dolan Corporation's balance sheets: December 31, 2017 December 31, 2016 Interest receivable $18,200 $15,000 Salaries and wages payable 17,800 8,400 Prepaid insurance 2,200 3,000 The cash received for interest during 2017 was a. $122,800 b. $137,800. c. $141,000 d. S144,200. 19. For Mortenson Company, the following information is available: Cost of goods sold $390,000 Dividend revenue 15,000 Income tax expense 36,000 Operating expenses 138,000 Sales revenue 600,000 In Mortenson's multiple-step income statement, gross profit a. should not be reported b. should be reported at $51,000. c. should be reported at $210,000. d. should be reported at $225,000