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Compute the insurance expense on the income statement

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Reference no: EM132615688

Question - The following balances have been taken from Jones Corporation's 12/31 balance sheets:

Prepaid insurance -

2024 - $13,000

2023 - $21,000

The corporation paid the following items during 2024:

Insurance premiums paid $17,000

Required - Compute the Insurance expense on the income statement for 2024?

a. $21,000

b. $25,000

c. $8,000

d. $9,000

e. $17,000

Reference no: EM132615688

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