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On April 30, 2016, Rudolph Inc. purchased a three-year insurance policy with a cash payment of $ 31,500. Coverage began immediately. Required: 1. What is

On April 30, 2016, Rudolph Inc. purchased a three-year insurance policy with a cash payment of $ 31,500. Coverage began immediately.

Required:

1. What is the amount of Insurance Expense relating to this insurance policy that will be reported for the year ended December 31, 2016?

2016 insurance expense: ???

2. What is the amount of Prepaid Insurance relating to this insurance policy that will be reported on the December 31, 2016 Balance Sheet?

Dec 31, 2016 prepaid insurance balance: ???

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