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Olsen Company paid cash insurance premiums $ 20,800 during 2016. The following balances have been excerpted from Olsen's balance sheets: December 31, 2016 December 31,

Olsen Company paid cash insurance premiums $ 20,800 during 2016. The following balances have been excerpted from Olsen's balance sheets: December 31, 2016 December 31, 2015 Prepaid insurance $ 3,000 $ 2,400 The insurance expense on the income statement for 2016 was

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