I need help finding out how this problem is written out and how to solve it. Thank you

McGee Co. entered into the following transaction. - McGee signed a one year lease for a storefront on November 1 . The lease begins immediately. - They made an initial payment of $4,000 on that date which covered the first two months of rent. - They appropriately recorded the initial transaction, but did not record any further entries for the remainder of the year (Dec. 31). State whether each component of McGee's Dec. 31 financial statements are overstated, understated, or none. Balance Sheet: Assets: Liabilities: Equity: Income Statement: Net Income