A company in Australia, ABC Pty Ltd, has prepaid an insurance premium of $12,000 relating to the coverage for the next 24 months. According to the Australian taxation law, how should this prepayment be treated for tax purposes in the current financial year? Please note the small business concession doesn't apply to the question. Question 3Answer a. ABC Pty Ltd can claim the entire prepayment of $12,000 as a deduction in the current financial year. b. ABC Pty Ltd can claim the entire prepayment of $12,000 as a deduction in the next financial year. c. ABC Pty Ltd should apportion the prepayment over the coverage period and can claim $6,000 (half of the payment) as a tax deduction in the current financial year. d. ABC Pty Ltd cannot claim the prepaid insurance premium as a deduction in the current or any future financial year