During 2020 , Company co paid a total of $90,000 for rent, covering the * 1 point period from 1 October 2019 to 31 May 2021. What figures should appear in Company Co's financial statements for the year ended 31 December 2020 ? Profit and loss: \$ 40,000; Balance sheet: \$12,500 Accrual Profit and loss: \$ 54,000; Balance sheet: \$22,500 Prepayment Profit and loss: $40,000; Balance sheet: $10,000 Accrual Profit and loss: \$ 50,000; Balance sheet: \$ 20,000 Prepayment Choose correct answer: * 2 points A company values its inventory using the first in, first out (FIFO) method. At 1 May 202 the company had 400 engines in inventory, valued at $120 each. During the year ended 30 April 203 the following transactions took place: 20X2 1 July Purchased 400 engines at $190 each 1 November Sold 500 engines for $160,000 203 1 February Purchased 200 engines at $200 each 15 April Sold 300 engines for $140,000 What is the value of the company's closing inventory of engines at 30 April 203 ? 65,000 80,000 40,000 35,000