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On December 31, 2020, Coolwear, Inc. had a balance in its prepaid insurance account of $63,400, During 2021, $101000 was paid for Insurance. At the

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On December 31, 2020, Coolwear, Inc. had a balance in its prepaid insurance account of $63,400, During 2021, $101000 was paid for Insurance. At the end of 2021, after adjusting entries were recorded the balance in the prepaid insurance account was $49,500. Insurance expense for 2021 was: Multiple Choice $164.400 $13,900 $101.000 $114,900

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