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InstaChat Corporation paid $ 2 5 , 0 0 0 cash for the premium for a two - year insurance policy. This will increase insurance

InstaChat Corporation paid $

25, 000

cash for the premium for a two

-

year insurance policy. This will

increase insurance expense and decrease cash

increase prepaid insurance and decrease cash

increase unearned insurance and decrease cash

decrease prepaid insurance and decrease cash

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