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What adjusted balance for prepaid insurance for the year be

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Problem 1: At December 31, 2022, before any year-end adjustments, Novak Corp.'s Prepaid Insurance account had a balance of $5120. It was determined that $2200 of the Prepaid Insurance had expired. The adjusted balance for Prepaid Insurance for the year would be:

Option 1: $2200.
Option 2: $6950.
Option 3: $2920.
Option 4: $5120.

Reference no: EM132962924

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