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Question - REAL Company paid P72,000 to renew its only insurance policy for three years on March 1, 2019, the effective date of the policy. At March 31, 2019, REAL's unadjusted trial balance showed a balance of P3,00 for prepaid insurance and P72,000 for insurance expense.
1. What amount should be reported for prepaid insurance in REAL's financial statements for the three months ended March 31, 2019?
2. What amount should be reported for insurance expense in the income statement for the three months ended March 31, 2019?
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