Vpem Pipeline Inc. operates on a calendar-year basis. At the end of December 2020, the company had the following current liabilities on its books: Accounts payable $88,500 Wages payable 19,600 Rent payable 61.800 Dividend payable 11,600 Unearned revenue 113,000 In January, the following events occurred: 1. Vpem's pipeline is located on leased land. The rent payable at the end of December represented the payments that should have been made at the beginning of November and December. In January. Vpem paid the past rent owed, as well as the rent for January and February.