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On 1 July 2018, Fantastic Traders paid $12,000 in insurance premiums for coverage for the next three years. Please answer the following two questions: Part

On 1 July 2018, Fantastic Traders paid $12,000 in insurance premiums for coverage for the next three years. Please answer the following two questions:

Part 1. Given the information provided above, what is the amount of insurance expense that will appear in the income statement for the year ended 31 December 2018?

Part B. Given the information provided above (Q11) what is the amount of prepaid insurance in the statement of financial position as at 31 December 2018?

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