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Due soon please help [The following information applies to the questions displayed below.] On April 30, 2020, Rudolph Inc. purchased a three-year insurance policy with

Due soon please help
[The following information applies to the questions displayed below.] On April 30, 2020, Rudolph Inc. purchased a three-year insurance policy with a cash payment of $ 29,700. Coverage began immediately. Required: 1. What is the amount of Insurance Expense relating to this insurance policy that will be reported for the year ended December 31, 2020? 2020 Insurance Expense: 2. What is the amount of Prepaid Insurance relating to this insurance policy that will be reported on the December 31, 2020 Balance Sheet? Dec 31, 2020 Prepaid Insurance Balance

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