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On February 1, 2019 PAG Ltd, purchased a 1-year insurance policy for $42,000. If the company prepares annual adjusting entries, what amount would be reported

On February 1, 2019 PAG Ltd, purchased a 1-year insurance policy for $42,000. If the company prepares annual adjusting entries, what amount would be reported for Insurance expense for the year ended December 31, 2019?

A) 3,500 B) 35,000 C)42,000 D) 38,500

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