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On December 31, 2023, Coolwear, Incorporated had a balance in its prepaid insurance account of $63,400. During 2024,$101,000 was paid for insurance. At the end

image text in transcribed On December 31, 2023, Coolwear, Incorporated had a balance in its prepaid insurance account of $63,400. During 2024,$101,000 was paid for insurance. At the end of 2024, after adjusting entries were recorded, the balance in the prepaid insurance account was $49,500. Insurance expense for 2024 was: Multiple Choice $13,900. $114,900. $101,000. $164,400

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