On September 1, year 1, Noreen Lid. collected $83,700 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on February 28, year 2, at which time the lease contract may be renewed. Noreen's fiscal year ends on December 31. Required: 1. Prepare journal entries to record the collection of rent on September 1, year 1, and the related adjustment for the amount of rent earned during year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) x Answer is not complete. No Date General Journal Debit Credit 1 Sept 01, Year 1 Cash 83,700 Deferred rent revenue 83,700 2 Dec 31, Year 1 Deferred rent revenue Rent revenue 2. If the amount received on September 1, year 1, had covered a period of 18 months, how should Noreen report the deferred rent amount on its statement of financial position as at December 31, year 1? x Answer is not complete. Statement of financial position Year 1 Current liability Noncurrent liability