Fargo Company paid in full for an annual rental lease on September 1 in the amount of $12,480 and immediately made an entry debiting Rent Expense and crediting Cash for the entire amount. Fargo's year end is December 31. Required 1: What is the proper balance of Rent Expense showing on the year end income statement? $ | 4160 Required 2: What is the proper amount of Prepaid Rent showing on the year end balance sheet? $ 8320