On June 1 Year 1, Maverick Company paid $1.200 cash for an insurance policy that would protect the company for one year. The company's fiscal closing date is December 31. Based on this information, the amount of insurance expense and the cash flow from operating activities shown on the Year 1 financial statements would be Multiple Choice Insurance Expense 500 Cash Flow 1,200 Insurance Expense Cash Flow 1,200 700 Insurance Expense 1,200 Cash Flow 1,200 Insurance Expense 1,200 Cash Flow 1,200 Insurance Expense 700 Cash Flow 500