Atwo year contract was completed in 2012. The project controller discovered that

Atwo year contract was completed in 2012. The project controller discovered that a $60000 down payment that the customer made in 2011 was recorded as revenue when received. But this payment should have been recognized as revenue equally over the two years of the contract (2011 and 2012).On January 1 2010 the company leased warehouse space for four years. The monthly rental is $13000. On January 1 2010 the company paid the following amounts which were expensed when paid:Damage deposit $35000First month rent 13000Last month rent 13000 61000Prepare any adjusting entries at December 31 2012. Assume the books for 2012 are still open but all previous years are closed. Ignore any income tax effects.