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9. Kempenfelt Papers pays $4,800 for an insurance policy that covers four years. At the end of the first year, the balance of its Prepaid

9. Kempenfelt Papers pays $4,800 for an insurance policy that covers four years. At the end of the first year, the balance of its Prepaid Insurance account contains two elements. What are the two elements, and what is the correct amount of each?

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