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Question - On May 1, 2021, Cedar Corp. paid $432,000 for rent on warehouse space one year in advance. On November 1, 2021, Cedar Corp. entered into a lease agreement to rent out its old warehouse space it was no longer using. This agreement calls for Cedar to receive $10,000 per month from the lessee, due and payable at the end of the 5-month lease term. At December 31, 2021, none of the rental payments from the lessee had yet been received.
If Cedar makes the appropriate adjusting entry, how much will be reported on the December 31, 2021 balance sheet as prepaid rent and rent receivable, respectively?
A. $144,000 and $20,000
B. $144,000 and $30,000
C. $432,000 and $50,000
D. $288,000 and $20,000
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