a. Island View had a January 1, 2024 beginning balance in its Prepaid Rent account of $1,700. During the year the company made payments for prepaid rent of $400. At the end of the year, December 31,2024 , the balance in the Prepaid Rent account was $300. What was the amount of rent expense for the year? Rent expense for the year = b. Island View had a January 1, 2024 beginning balance in its Prepaid Rent account of $600. During the year the company made payments for prepaid rent of $1,700. Island View recorded rent expense for the year of $500. What is the company's ending balance in its Prepaid Rent account as of December 31,2024 ? Ending balance in Prepaid Rent =