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On December 31, 2020, Coolwear, Inc. had a balance in its prepaid insurance account of $54,400. During 2021, $92,000 was paid for insurance. At the

On December 31, 2020, Coolwear, Inc. had a balance in its prepaid insurance account of $54,400. During 2021, $92,000 was paid for insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid insurance account was $45,000. Insurance expense for 2021 was:

Multiple Choice

  • $146,400.

  • $92,000.

  • $101,400.

  • $9,400.

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