Question 11 (5 points) Wright Co. leased a building to Convenience Stores Inc. on January 1, 2020, for an eight-year term at an annual rental of $125,000. At the beginning of the lease, Wright received $500,000, covering the first two years' rent of $250,000 and a security deposit of $250,000. This deposit will not be returned to Convenience upon expiration of the lease but will be applied to payment of rent for the last two years of the lease. What portion of the $500,000 should be shown as a current and a long- term liability in Wright's December 31, 2020 balance sheet? Previous Page Next Page Page 11 of 2