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Franklin International purchased a three-year insurance policy on July 1, 2012, providing coverage from that date and paid the entire three-year premium of $15,000 on

Franklin International purchased a three-year insurance policy on July 1, 2012, providing coverage from that date and paid the entire three-year premium of $15,000 on the date of purchase. Franklin recorded the purchase by debiting Prepaid Insurance and crediting Cash for $15,000.What adjusting entry should be made at December 31, 2012?

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