queso Question 25 0/1 point Howard Inc. had prepaid rent of $75,000 and $80,000 at the end of 2017 and 2018, respectively. During 2018. Howard recorded $240,000 in rent expense in its income statement. Cash outflows for rent in 2018 were: $240.000 View Feedback Question 30 0/1 point Gupta Industries received a $300.000 grepayment from Packard Associates for the sale of new equipment. Gupta will bill Packard an additional $100.000 upon delivery of the equipment. Upon receipt of the $300.000 prepayment, how much should Gupta recognize for a contract asset, a contract liability, and accounts receivable? Contract asset: $0: contract liability: $300,000, accounts receivable, SO Contract asset: $300,000: contract liability. So accounts receivable. $0. Contract asset: 50, contract liability: $300.000. accounts receivable. $100.000 Contract asset: $300.000, contract liability: 50 accounts receivable. $100.000