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On December 31, 2015, Coolwear, Inc. had a balance in its prepaid insurance account of $48, 400. During 2016, $86,000 was paid for insurance. At

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On December 31, 2015, Coolwear, Inc. had a balance in its prepaid insurance account of $48, 400. During 2016, $86,000 was paid for insurance. At the end of 2016, after adjusting entries were recorded, the balance in the prepaid insurance account was 42,000. Insurance expense for 2016 would be: $86,000. $134, 400. $92, 400. $6, 400

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