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What is the yearend balance of prepaid insurance reported

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Reference no: EM133119553

Question - The balance in the Prepaid Insurance Account on January 1 (first day of the fiscal year) for Modern Company was $876. On April 1 it renewed its insurance policy with a new insurance company for 3 years making a payment in full of $10,512 to get 36 months of coverage.

Required -

1: The adjusting journal entry on Prepaid Insurance on January 31 was for?

2: What is the yearend balance of Prepaid Insurance reported in the balance sheet of Dec 31st?

3: What is the Insurance Expense reported on Annual Income Statement ended on December 31st?

Reference no: EM133119553

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