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On March 1 Year 1, Presco Enterprises paid $1,200 cash for an insurance policy that would provide protection for a one-year term. The company's fiscal

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On March 1 Year 1, Presco Enterprises paid $1,200 cash for an insurance policy that would provide protection for a one-year term. The company's fiscal closing date is December 31. Based on this information, the amount of insurance expense appearing on the Year 1 income statement would be Multiple Choice $500 $1,200 $200 $1,000

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