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ABC Corporation purchased an insurance policy on November 1st of Year 1 for $12,000.00, for the period December 1st of Year 1 through November 30th

ABC Corporation purchased an insurance policy on November 1st of Year 1 for $12,000.00, for the period December 1st of Year 1 through November 30th of Year 3. However, the check for the policy was not sent until November 15th. On December 31st of Year 1, what should the balance be in Prepaid Insurance?

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