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Fargo Company paid in full for an annual rental lease on September 1 in the amount of $20,280 and immediately made an entry debiting Rent
Fargo Company paid in full for an annual rental lease on September 1 in the amount of $20,280 and immediately made an entry debiting Rent Expense and crediting Cash for the entire amount. Fargos year end is December 31.
Required 1: What is the proper balance of Rent Expense showing on the year end income statement? $
Required 2: What is the proper amount of Prepaid Rent showing on the year end balance sheet? $
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