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California Insurance paid $24,000 for a four-year insurance premium on May 1 of the current year and debited Prepaid Insurance for that amount. What is

California Insurance paid $24,000 for a four-year insurance premium on May 1 of the current year and debited Prepaid Insurance for that amount. What is the balance in that account on December 31 of the following year after the adjusted journal entries have been posted?

a. $20,000 b. $10,000 c. $14,000 d. $6,000

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