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Problem 1: The Prepaid Insurance account of PQR Traders shows a balance of $900 (net of GST) representing a payment on 1 January 20XX of a three-year insurance premium. The correct adjusting entry on 30 June 20XX, the close of the annual accounting period, is:
Select one:
Option a. Insurance Expense 300 Prepaid Insurance 300
Option b. Prepaid Insurance 150 Insurance Expense 150
Option c. Insurance Expense 150 Prepaid Insurance 150
Option d. Prepaid Insurance 750 Insurance Expense 750
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Due to an error in computing depreciation expense, Crote Corporation understated accumulated depreciation by $78 million as of December 31, 2016. Crote has a tax rate of 35%. Crote's retained earnings as of December 31, 2016, would be
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