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On December 31, 2015, Coolwear, Inc. had a balance in its prepaid insurance account of $49,400. During 2016, $87,000 was paid for insurance. At the

On December 31, 2015, Coolwear, Inc. had a balance in its prepaid insurance account of $49,400. During 2016, $87,000 was paid for insurance. At the end of 2016, after adjusting entries were recorded, the balance in the prepaid insurance account was 42,500. Insurance expense for 2016 would be: $136,400. $93,900. $6,900. $87,00

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