Daly Investments purchased an $18-$month insurance policy on May $31,2017$ for $12,600.$ The December $31,2017$ statement of financial position would report Prepaid Insurance of

a$.0$ because Prepaid Insurance is reported on the Income Statement.

b$.4,900.$

c$.7,700.$

d$.12,600.$

c$,$ LO $5,$ BT: AP$,$ Difficulty. Medium, TOT: $4$ min, AACSB: Analytic, AICPA BB: None, AICPA FN: Reporting, AICPA PC: Problem solving