On November 1, 2020 RX Corporation prepaid the premium of a business insurance policy. The prepayment was $50,000. The period of time covered by the insurance policy was January 1, 2021 through December 31, 2021. Assume RX Corporation used the cash method of accounting. You are to indicate the amount RX Corporation may deduct on its 2020 and 2021 tax return. 2020 Deduction 2021 Deduction Assume the same facts as in problem #3 above except that the corporation used the accrual method of accounting. Answer the question again using the revised facts. 2020 Deduction = 2021 Deduction