Exercise $5-21($Static$)$ Prepaid expenses$-$insurance LO $5-10$

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A company makes the payment of a one$-$year insurance premium of $$4,800$ on April $1,2022.$

Exercise $5-21($Static$)$ Part c

c$.$ Calculate the amount of prepaid insurance that should be reported on the December $31,2022,$ balance sheet with respect to this policy.

Prepaid insuranceU