In its first year of operations, Pollock Company, which has a December 31 fiscal year end, paid $48,000 to its landlord, Richardson Enterprises on April 1, 2021, and this covered the rent through March 31, 2022. Required: 1. First, assume that Pollock Company records the April 1, 2021 payment to Richardson Enterprises as prepaid rent. a. Record the journal entry for the payment. b. Record any necessary adjusting journal entry at December 31, 2021. c. Show the t-accounts for prepaid rent and rent expense for the year. 2. Second, assume instead that Pollock Company records the April 1, 2021 payment to Richardson Enterprises as rent expense. a. Record the journal entry for the payment. b. Record any necessary adjusting journal entry at December 31, 2021. c. Show the t-accounts for prepaid rent and rent expense for the year. 3. Finally, explain the differences in the results of the two approaches