B. Deferred revenues-rent On September 1, 2017, Noreen Ltd. collected $72,900 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on February 28, 2018, at which time the lease contract may be renewed. Noreen's fiscal year ends on December 31. Required: 1. Prepare journal entries to record the collection of rent on September 1, 2017, and the related adjustment for the amount of rent earned during 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. If the amount received on September 1, 2017, had covered a period of 18 months, how should Noreen report the deferred rent amount on its statement of financial position as at December 31, 2017? Statement of financial position 2017