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Eastland Hospital paid a three-year insurance premium in advance on January 1, 20X1. The hospitals adjusted trial balance at December 31, 20X2, included a prepaid

Eastland Hospital paid a three-year insurance premium in advance on January 1, 20X1. The hospitals adjusted trial balance at December 31, 20X2, included a prepaid insurance account with a balance of $1,480. Required: What was the amount of the insurance premium paid on January 1, 20X1?

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