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On December 31, 2015, Coolwear, Inc. had a balance in its prepaid insurance account of $53,400. During 2016, $91,000 was paid for insurance. At the

On December 31, 2015, Coolwear, Inc. had a balance in its prepaid insurance account of $53,400. During 2016, $91,000 was paid for insurance. At the end of 2016, after adjusting entries were recorded, the balance in the prepaid insurance account was 44,500. Insurance expense for 2016 would be: $8,900. $91,000. $99,900. $144,400.

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