5) A two year insurance policy purchased for $880 on July 1, 2022. What is the net value of the policy on January 1st, 2023 (2 marks). a) $220 b) $440 c) $660 d) $280 6) A 5 year lease (rent) was paid in full at a cost of $100 000 on January 1st, 2022. What is the amount of the adjusting entry needed for a 3-month accounting period ending March 31st. 2022. (2 marks) a) $100 000 b) $20 000 c) $5 000 d) $1 666.67 7) An asset was purchased on January 1st, 2022 for $5,500 and is to be depreciated at 20% per year. What would the Book Value of the asset be on December 31st, 2024. (2 marks) a) $3,520 b) $3,300 c) $2,816 d) $2,200