Hondo Corporation began operations on December 1, 2012, and immediately paid $60,000 for 6 months rent in advance for the period beginning December 1, 2012. Hondo's accounting period ends on December 31, 2012. Indicate how much will be reported for each of the following accounts on Hondo's financial statements for the period ending December 31, 2012. If the amount reported is zero, indicate so by writing $0, and explain why zero is the appropriate amount.

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The Answer of Hondo Corporation began operations on December 1, 2012, and immediately paid $60,000 for 6 months rent in advance for the period beginning December 1, 2012. Hondo's accounting period ends on December 31, 2012. Indicate how much will be reported for each of the following accounts on Hondo's financial statements for the period ending December 31, 2012. If the amount reported is zero, indicate so by writing $0, and explain why zero is the appropriate amount.

Hondo Corporation Began Operations on December 1, 2012, and Immediately