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A firm prepays two years of insurance premiums on 7/1/ Year 2 . The amount paid is $24. The firm's fiscal yearend (FYE) is 12/31.

A firm prepays two years of insurance premiums on 7/1/ Year 2 . The amount paid is $24. The firm's fiscal yearend (FYE) is 12/31. How much insurance expense will be recognized in the income statement in Year 2? 6 12 10 24

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