On April 1, 2007, Boldan Ltd. purchased its first fire insurance policy, paying $2,000. The policy provided one year's coverage, from April 1 to March 31 of the following year. The company's financial year ends on December 31. Prepaid insurance on the balance sheet as at December 31, 2007 would be Select one: $2,000 750 $1,000 none of the option is correct $1,500