4. A business pays for electricity quarterly in arrears on 1 February, 1 May, 1 August and 1 November. On 1 August X1, the electricity bill rose from $3,000 per year to $4,500 per year. What electricity expense and liability figures should appear in the financial statements at the end 31 December X1? A. Electricity expense $4500, liability $750 B. Electricity expense $3,625, liability $750 C. Electricity expense $3,750, liability $0 D. Electricity expense $3,625, liability $250 5. During 20X8 Iris Co paid $90,000 for factory rent for the period 1 November 20X7 to 30 April 20X9. What figures should appear for rental expense and prepayments for year ended 31 December 20X8? Rental Expense Prepayment A. 67,500 22,500 B. 60,000 20,000 C. 60,000 30,000 D. 60,000 15,000