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AMP Services purchased a three-year fire insurance policy on October 1, 2022, and charged the payment to Prepaid insurance. At its fiscal year end, December

AMP Services purchased a three-year fire insurance policy on October 1, 2022, and charged the payment to Prepaid insurance. At its fiscal year end, December 31, 2022, AMP Services would record an adjusting entry that includes which of the following?

A. The net income declines

B. The liability declines

C. The insurance revenue increases

D. The asset's book value increases

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