Hang On Publishing Company publishes The Accountant magazine and sells one-year subscriptions to its customers. On April 1, 2019, the company prepays an annual insurance policy of $15,000, covering the period of 4/1/2019 3/31/2020. How much Insurance Expense should the company recognize for the period ended December 31, 2019? Assume the company uses an annual accounting period and makes all adjusting entries on December 31st. $0. $1,250. $3,750. $11,250. $15,000. On October 1, 2020, Top of the World purchases equipment for $28,000 in cash. The equipment has an expected useful life of four years and has no salvage value. The firm uses straight-line depreciation method. What adjusting entry should the company record on December 31, 2021? Assume the company uses an annual accounting period and makes all adjusting entries on December 31st. Debit Depreciation Expense and credit Cash for $28,000. Debit Depreciation Expense and credit Accumulated Depreciation for $7,000. Debit Depreciation Expense and credit Equipment for $1,750. Debit Depreciation Expense and credit Accumulated Depreciation for $1,750. None of the answers given are correct. On July 1, 2015, Alvin Corp. Company purchased a truck costing $48,000. The vehicle has an estimated 5 -year life and a $0 residual value. The firm uses an annual accounting period and makes adjusting entries at the end of the accounting period on 12/31 each year. What is the vehicle's net book value (NBV) that would be reported on the balance sheet as of December 31, 2018, assuming Alvin uses the straight-line depreciation method? $24,000. $14,400. $33,600. $9,600. None of the other answers are correct