Suppose Livingston, a specialty clothing store, rents space at a local mall for one year, paying $15,600 ($1,300/month) in advance on October 1. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Prepaid Rent and Rent Expense (assuming the balance of Prepaid Rent at the beginning of the year is $0)