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Concord Cruises purchased a fi ve-year insurance policy for its ships on April 1, 2022 for $ 53600 . Assuming that April 1 is the

Concord Cruises purchased a fi ve-year insurance policy for its ships on April 1, 2022 for $ 53600 . Assuming that April 1 is the effectivedate of the policy, the adjusting entry on December 31, 2022 is Insurance Expense 2680 PrepaidInsurance 2680 Insurance Expense 10720 PrepaidInsurance 10720 Insurance Expense 8040 PrepaidInsurance 8040 Prepaid Insurance 8040 InsuranceExpense

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