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Use the following to answer questions 15 - 16 On December 1st, the company pays a local radio station $56,250 for 225 radio ads that were to be aired, 75 per month, throughout December through February. Prepaid Advertising was debited on December 1st and no other entries regarding this transaction were made since then. 15. $_ After the adjusting entry has been recorded on December 31st, determine the amount of advertising expense for the year ended December 31st. 16. $ After the adjusting entry has been recorded on December 31st, determine the ending balance in the prepaid advertising account that should be recorded on the December 31st Balance Sheet. Use the following transactions to answer questions 17 - 19 Determine the amount of revenue or expense that would be reported at the time of the transaction under the two methods. An example transaction has been completed for you. Example: Purchased office supplies for cash, $440 Transaction Accrual-basis Revenue Expense Cash-basis Revenue Expense $0 $0 $0 $440 example Purchased office supplies for cash, $440 (no accrued expense, hasn't been used yet...cash flowed for the operating cost so it's a cash expense) Paid utility bill for the current month, 17. $1,200. Repaid $100,000 a long-term note to the bank. Used $300 of the office supplies