ABC Ltd has rented three equipment and paid $60,000 for 1 year at the beginning of January 2021. ABC Ltd prepared financial statements on 31st January 2021 but forgot to adjust the rent expense for the month of January 2021. Required A. How much rent expense should be allocated for the month of January 2021? (1 marks) B. What impact do you think it (non-adjustment of rent expense) will have on income statement and balance sheet? (1 marks) Hint: mention the $ amount for both answers A & B.