Time remaining: 0:14:43 37. A company had a gross profit of $300,000 based on sales of $400,000. Its cost of goods sold equals $700,000 O True False On October 1, Goodwell Company rented warehouse space to a tenant for $2.500 per month and received $12,500 for five months' rent in advance on that date. The collection was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The Unearned Rent account balance at the end of December, after adjustment. should be: $12,500. O O $10,000 $5,000 O $7,500. O $2,500. Type here to search