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Of the $7,700 paid for insurance, what amount should be reported on the 2015 income statement as Insurance Expense

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June 7th, 2024

Of the $7,700 paid for insurance, what amount should be reported on the 2015 income statement as Insurance Expense? What amount should be reported on the December 31, 2015, balance sheet as Prepaid Insurance?Insurance Expense$0Prepaid Insurance$0

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