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An analysis of G. Fernando Company's unadjusted prepaid insurance account at December 31, 2009 revealed the following: - an opening balance at P15,000 for G

An analysis of G. Fernando Company's unadjusted prepaid insurance account at December 31, 2009 revealed the following: - an opening balance at P15,000 for G Fernando's comprehensive insurance policy.G Fernando paid annual premium of P30,000 on July 1, 2008. - a P32,000 annual insurance premium payment made July 1, 2009. - a P20,000 advance rental payment for warehouse leased for one year beginning Jan. 1, 2010. In its December 31, 2009 balance sheet what amount should G. Fernando report as prepaid insurance?

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