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How much will be reported on the december

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On April 1, 2016, SBD Corp. paid $120,000 for rent on warehouse space one year in advance. On October 1, 2016, SBD Corp. entered into a lease agreement to rent out a different warehouse it was no longer using. This agreement calls for SBD to receive $8,000 per month from the lessee, due and payable at the end of the 4-month lease term. At December 31, 2016, none of the rental payments from the lessee had yet been received.

Problem 1: If SBD makes the appropriate adjusting entry, how much will be reported on the December 31, 2016 balance sheet as prepaid rent and rent receivable, respectively?

Reference no: EM132680498

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