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For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31 . Step 1: Determine what the current account bolance equals. Step 2-Determine what the current account balance should equal. 5tep 3: Record the December 31 adjusting entry to get from step 1 to step? Assume yo other adfusting entries are made duning the year Chect c. Prepald fint On September 1 of the currant your, the company prepaid $40,800 for two years of rent for facalies being occupled that day. The compary deblisd Prepaid Pent and ciedifed Cash for $45,400