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Please show work. Murphy Company sublet a portion of its warehouse for three years at an annual rental of $10,404, beginning on April 31, 2014.

Please show work. Murphy Company sublet a portion of its warehouse for three years at an annual rental of $10,404, beginning on April 31, 2014. The tenant, Sheri Charter, paid one year's rent in advance, which Murphy recorded as a credit to Unearned Rent Revenue. Murphy reports on a calendar-year basis. The adjusting entry on December 31, 2014 for Murphy should be:

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