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On 1 July 2018, Fantastic Traders paid $12,000 in insurance premiums for coverage for the next three years. Given the information provided above ) what

On 1 July 2018, Fantastic Traders paid $12,000 in insurance premiums for coverage for the next three years.

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?

Given the information provided above , what is the amount of prepaid insurance in the statement of financial position as at 31 December 2018?

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