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Mary Chain Investments purchased an 18-month insurance policy on May 31, 2014 for $3,600. The December 31, 2014 balance sheet would report Prepaid Insurance of
Mary Chain Investments purchased an 18-month insurance policy on May 31, 2014 for $3,600. The December 31, 2014 balance sheet would report Prepaid Insurance of
A)
$0 because Prepaid Insurance is reported on the Income Statement.
B)
$1,400.
C)
$2,200.
D)
$3,600.
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