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Panda Corporation paid cash of $7470 on the last day of the 7th month of 2014 for two years rent in advance and recorded the

Panda Corporation paid cash of $7470 on the last day of the 7th month of 2014 for two years rent in advance and recorded the transaction with a debit to Prepaid Rent. The December 31, 2014 the adjusting entry should accomplish a reduction in assets of how much?

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