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A one-year insurance premium of $4,400 was paid on October 1, 2021, by the Cool Company, for coverage beginning on that date. As of December

A one-year insurance premium of $4,400 was paid on October 1, 2021, by the Cool Company, for coverage beginning on that date. As of December 31, 2021, the unadjusted balances were $4,400 for Prepaid Insurance and $0 for Insurance Expense.

What amount should be reported on the 2021 Balance Sheet as Prepaid Insurance?

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