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Juno Company purchased a 16-month insurance policy on May 1, 2022 for $5,600. On this date, the entire amount was debited into Prepaid Insurance. Prepare

Juno Company purchased a 16-month insurance policy on May 1, 2022 for $5,600. On this date, the entire amount was debited into Prepaid Insurance.
Prepare the adjusting journal entry as of December 31, 2022.

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