On January 1 of the current year, Vallow signs a contract to rent a building for $1,000 per month for the next three years. On that date, Vallow pays $36,000 for rent. On January 1 when payment is made, Vallow will report $12,000 of the prepaid rent as a asset and $24,000 of the prepaid rent as asset. (Enter one word per blank.) a