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On September 1, Flores Company paid $15,000 for two years of insurance in advance. Required: 1. How much will be expensed by the end of

On September 1, Flores Company paid $15,000 for two years of insurance in advance.Required:

1. How much will be expensed by the end of the calendar year?

2. How much will be in the Prepaid Insurance account at the end of the year, after the adjusting entries have been prepared and posted?

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