The following information applies to the questions displayed below.]

On November 1, 2019, Gordon Co. collected $9,420 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed.

c.Suppose the advance collection received on November 1, 2019, covered an 24-month lease period at the same amount of rent per month. How should Gordon Co. report the unearned rent amount on its December 31, 2019, balance sheet?

Current Liabilities = ?

Non current Liabilities = ?

Its not $34.540