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on dec 1 clark company paid $19200 for two years of insuance in advance. clark debited prepaid insurance. if the appropriate adjusting entry us not

on dec 1 clark company paid $19200 for two years of insuance in advance. clark debited prepaid insurance. if the appropriate adjusting entry us not made at the end of the year what will be the effects on the icome statement, net income and balance sheet

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