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Fargo Company paid in full for an annual rental lease on April 1 in the amount of $33,120 and immediately made an entry debiting Rent Expense and crediting Cash for the entire amount. Signed an insurance contract for 1 year with effective start on September 1st, the payment in full of $26,880 is due on February 1st of the next year. Made the journal entry debiting Insurance Expense and crediting Insurance Payable. Fargo's year end is December 31. Required 1: What is the proper balance of Prepaid Rent showing on the year end balance sheet? \$ Required 2: What is the proper amount of Rent Expenses showing on the year's Income Statement? \$ Required 3: What is the proper amount of Insurance Payable showing on the year end Balance sheet? \$ Required 4: What is the proper amount of Insurance Expense showing on the year end Income Statement? \$