On April 1, 2022, Gill Company, which has a December 31 fiscal year end, paid $56,000 to its landlord, Patel Enterprises, for rent covering the one-year period April 1,2022 through March 31,2023 Required: 1. First, assume that Gill Company records the April 1, 2022 payment to Patel Enterprises as prepaid rent. a. Record the journal entry for the payment. b. Record any necessary adjusting journal entry at December 31,2022 . c. Show the t-accounts for prepaid rent and rent expense for the year (assume $0 beginning balance in both). 2. Second, assume instead that Gill Company records the April 1, 2022 payment to Patel Enterprises as rent expense. a. Record the journal entry for the payment. b. Record any necessary adjusting journal entry at December 31, 2022 . c. Show the t-accounts for prepaid rent and rent expense for the year (assume $0 beginning balance in both). 3. Show the journal entry that would be recorded in 2023 to reflect the use of the prepaid rent, regardless of whether the first or second scenario was followed. 4. Finally, explain the differences in the results of the two approaches