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On January 1 of the current year, Laughter Legal Services purchases an insurance policy that covers two years, $ 5 comma 0 0 0 .

On January

1

of the current

year, Laughter Legal Services purchases an insurance policy that covers two

years, $

5

comma

000 . (

When the policy was purchased on January

1,

assume that Laughter Legal Services debited an asset

account.

)

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