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What portion should be shown as a current liability

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Question - On January 4, 2017, Ivanhoe Company leased a building to Vaughn Manufacturing for a ten-year term at an annual rental of $185000. At inception of the lease, Ivanhoe received $740000 covering the first two years' rent of $370000 and a security deposit of $370000. This deposit will not be returned to Vaughn upon expiration of the lease but will be applied to payment of rent for the last two years of the lease. What portion of the $740000 should be shown as a current and long-term liability in Ivanhoe's December 31, 2017 balance sheet?

Reference no: EM132130311

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