Somerset Leasing received $50,400 for 12 months' rent in advance. How should Somerset record this transaction? Multiple Choice 0 Prepaid rent Rent expense Prepaid rent |50,400 mm 50,400 50,400 0 Cash Deferred rent revenue 50,400 50,400 0 Interest expense Interest payable 50,400 50,400 0 Salaries expense Salaries payable 50,400 50,400