The balance in the Prepaid Rent Account on January 1 (first day of the fiscal year) for Modern Company was $1,320. On March 1 it renewed its lease agreement for 1 full year making a payment of 50% of the total annual rent of $7,320 to get a considerable discount on the price. Required 1: The adjusting journal entry on Prepaid Rent on January 31 was for: $[ Required 2: What is the year end balance of Prepaid Rent reported in the balance sheet of Dec 31st? $[ Required 3: What is the Rent Expense reported on the annual Income Statement ended on December 31st? $