Question: Utopia Dance Clubs Inc rented an old warehouse for its
Utopia Dance Clubs, Inc., rented an old warehouse for its newest club on October 1, 2010. To receive a discount, Utopia paid $11,700 for 18 months of rent in advance. How will this advance payment appear on the financial statements prepared at year end, December 31? Assume no additional rent is paid in 2011 and 2012. Use the following chart for youranswers:
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