Clyde operates a sole proprietorship using the cash method. In 2020, Clyde made the following expenditures: $480 to U.S. Bank for 12 months of interest on a business loan from September 1, 2020 through August 31, 2021. $600 for 12 months of property insurance beginning on July 1, 2020. What is the maximum amount of the above prepayments that Clyde can deduct this year? Multiple Choice O O $600 O O $160 O O $760 $360 E. $480