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On August 1, Cackys Bakery purchased a one-year hazard insurance policy and recorded the $12,000 premium to prepaid insurance. No adjusting entries have been made

  1. On August 1, Cackys Bakery purchased a one-year hazard insurance policy and recorded the $12,000 premium to prepaid insurance. No adjusting entries have been made yet regarding this transaction. At its December 31 year-end, Cackys Bakery would record which of the following adjusting entries?

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