Account for insurance expense. (LO 1,3)

Yodel \& Company paid \(\$ 3,600\) on June 1, 2008, for a 2-year insurance policy beginning on that date. The company recorded the entire amount as prepaid insurance. By using the following chart, calculate how much expense and prepaid insurance will be reported on the year-end financial statements. The company's fiscal year-end is December 31.

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2008 2009 2010 Insurance expense Prepaid insurance at December 31