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What is the balance of prepaid insurance as of december

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Question - On May 1, 2019, Tumbler, Inc. bought a 3-year insurance policy for $12240 effective immediately. Assume that adjusting entries are prepared annually on the fiscal year- end on December 31. No more insurance was purchased over the next three years. What is the balance of prepaid insurance as of December 31, 2020?

Reference no: EM133116130

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