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If the adjustment to Depreciation was not made then your net income would be:The balance in Ironman Company's prepaid insurance account is $36,000. This amount

If the adjustment to Depreciation was not made then your net income would be:The balance in Ironman Company's prepaid insurance account is $36,000. This amount represents the July 1st prepayment of insurance for 12 months. Make the adjusting journal entry for December 31st.

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