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Goodfellow Corporation reported insurance expense of $501 for the current year. The beginning and ending balances in the prepaid insurance account were $62 and

Goodfellow Corporation reported insurance expense of $501 for the current year. The beginning and ending balances in the prepaid insurance account were $62 and $36, respectively. What was the amount of cash paid for insurance? Multiple Choice $501. $475. $527 None of these answer choices are correct.

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