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What amount should Angelina Tagay report

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Question - An analysis of Angelina Tagay Antiques unadjusted prepaid expense account at Dec. 31, 2019 revealed the following:

- An opening balance at P15,000 for Angelina Tagay's comprehensive insurance policy. Angelina Tagay paid an annual premium of P30,000 on July 1, 2018.

- A P32,000 annual insurance premium payment made July 1, 2019.

- A P20,000 advance rental payment for a warehouse leased for one year beginning Jan. 1, 2020.

In its Dec. 31, 2019 balance sheet, what amount should Angelina Tagay report as prepaid expenses?

A. P52,000

B. P36,000

C. P20,000

D. P16,000

Reference no: EM132722366

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