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Blue Spruce Corp. purchased a one-year insurance policy in January 2024 for $41760. The insurance policy is in effect from March 2024 through February 2025.

Blue Spruce Corp. purchased a one-year insurance policy in January 2024 for $41760. The insurance policy is in effect from March 2024 through February 2025. If the company neglects to make the proper December 31, 2024 year-end adjustment for the expired insurance

a. net income and assets will be understated by $34800.

b. net income and assets will be overstated by $6960.

c. net income and assets will be understated by $6960.

d. net income and assets will be overstated by $34800.

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