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What amounts should be reported for prepaid insurance

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Question 1: Champaign LLC paid $15,000 to renew its insurance policy for five years on March 1, 2016, the effective start date of the policy. What amounts should be reported for prepaid insurance and insurance expenses in Champaign LLC '5 financial statements for the month ending on March 31, 2016?

Reference no: EM132512297

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