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Posted: July 15th, 2023

On November 1, 2006, Wegner Co. paid its landlord $8,400

On November 1, 2006, Wegner Co. paid its landlord $8,400 in cash as an advance rent payment on its store location. The six-month lease period ends April 30, 2007, at which time the contract may be renewed.CALCULATE the amount of prepaid rent that should be reported on the December 31, 2006 balance sheet with respect to the lease.

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