Hoosher Enterprises purchased an 18-month insurance policy on May 31, 2022 for $10,800. The December 31, 2022 balance sheet would report Prepaid Insurance of: $0 because Prepaid Insurance is reported on the Income Statement. $4,200. $6,600. $10,800 Question 19 (1 point) The following is selected information from C Corporation for the fiscal year ending October 31, 2022. Cash received from customers $150,000 Revenue recognized 225,000 Cash paid for expenses 85,000 Cash paid for computers on November 1, 2021 that will be used for 3 years 24,000 Expenses incurred including any depreciation 119,000 Proceeds from a bank loan, part of which was used to pay for the computers 50,000 Based on the accrual basis of accounting, what is C Corporation's net income for the year ending October 31, 2022? $132,000 $116,000 $106.000 $140,000 Question 20 (1 point) Green Ski Equipment Company borrowed $6,000 from Jackson County Community Bank on November 1 by issuing a 12%, 3-month note. Prior to adjustment at the end of the month, the company's records included the following tabular analysis: Liabilities Stockholders'Equity Notes Cash Payable + Payable Revenue Expense 17,500 Dec. 31 Adj Bal The adjusting entry at December 31 will include Assets Interest Interest Common Stock + Bal 6,000 an increase to Notes Payable of $180. a decrease to Cash of $120. an increase to Interest Expense of $120. an increase to Interest Payable of $180