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What adjusted balance for insurance expense for the year

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Problem 1: At December 31, 2020 before any year-end adjustment, Obama Company's insurance expense account had a balance of $260,000 and it's prepaid insurance account had a balance of $760,000. It was determined that $320,000 of the prepaid insurance had expired. The adjusted balance for insurance expense for the year would be

Reference no: EM132674351

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