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XVB is a firm that has an operating cycle of.18 7 months. On 1/5/2015, the firm XVB signed a contract for renting a building, and

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XVB" is a firm that has an operating cycle of".18 7 months. On 1/5/2015, the firm "XVB" signed a contract for renting a building, and paid $10,000 rent in advance. This means that "XVB" will have the right to use the building rented on 1/4/2016. When preparing the statement of financial position for "XVB" at the end of the accounting period 31/12/2015, the payment would show as (3 ) Long-term prepaid expense Rent expense Current assets Short-term prepaid expense

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