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Oakland Farms purchased a one-year insurance policy for $36,000 on October 1, 2019. At the beginning of the year (1/1/2019), they had $18,000 in prepaid

Oakland Farms purchased a one-year insurance policy for $36,000 on October 1, 2019. At the beginning of the year (1/1/2019), they had $18,000 in prepaid expenses for insurnace.
What is the necessary adjustment, journal entry, income statement adjustment, and balance sheet entry?

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