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On October 1, Goodwell Company rented warehouse space to a tenant for $2,800 per month and received $14,000 for five months rent in advance on

On October 1, Goodwell Company rented warehouse space to a tenant for $2,800 per month and received $14,000 for five months rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Revenue account. The companys annual accounting period ends on December 31. The Unearned Revenue account balance at the end of December, after adjustment, should be

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