20. An analysis of Y Corps prepaid expense account at December 31, year 2 revealed the following:

• An opening balance of $1,500 for Y comprehensive insurance policy. Y had paid an annual premium of $3,000 on July 1, year 1.
• A $3,200 annual insurance premium payment made July 1, year 2.
• A $2,000 advance rental payment for a warehouse Y leased for one year beginning January 1, year 3.

In its December 31, year 2 balance sheet, what amount should Y report as prepaid expenses?