Fargo Company paid in full for an annual rental lease on September 1 in the amount of $32,000 and immediately made an entry debiting Rent Expense and crediting Cash for the entire amount. At Fargo's year end the rent used was $16,000. Required: What is the balance of Prepaid Rent showing on the year end balance sheet?

Required: What is the balance of Prepaid Rent showing on the year end balance sheet? $