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On November 12, Kendra, Inc., a U.S. Company, sold merchandise on credit to Nakakura Company of Japan at a price of 1,540,000 yen. The exchange rate was $.00841 per yen on the date of sale. On December 31, when Kendra prepared its financial statements, the exchange rate was $.00847. Nakakura Company paid in full on January 12, when the exchange rate was $.00865. On December 31, Kendra should prepare the following journal entry (Do not round your intermediate calculations and round your final answer to nearest dollar amount):
Prepare the adjusting entry for December 31 st to reflect the amount of rent expense consumed. What is balance in prepaid rent on December 31 st after the adjusting entry has been made?
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