On December 1, 2015, Twilight Corporation paid $8,000 rent in advance. The rent per month is $1,000. If Twilight's accounting period ends on December 31, 2015, what will be reported on the financial statements?

a. Rent Expense of $8,000 on its 2015 income statement

b. Prepaid Rent of $8,000 on its balance sheet at December 31, 2015

c. Rent Revenue of $7,000 on its 2015 income statement

d. Prepaid Rent of $7,000 on its balance sheet at December 31, 2015