Moving to another question will save this response. Question 16 Aladdin Company paid $4,800 on July 1, 2XX1 to rent a magic lantern for two years and recorded the entire amount as Prepaid Rent. Prepare the December 31, 2XX1 adjusting entry What is the impact on your financial statements if you fail to make this entry? (U=understated, O overstated, OK - OK (brother!) Revenue Assets Expense Liabilities For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). Net income Owner's equity BIUS Paragraph Arial 10pt !! T