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Pharoah Company purchased an 1 8 - month insurance policy on May 3 1 , 2 0 2 2 for $ 1 1 5 2

Pharoah Company purchased an

18 -

month insurance policy on May

31, 2022

for $

11520 .

The December

31, 2022

balance sheet would report Prepaid Insurance of:

11520 .

7040 .

4480 .

0

because Prepaid Insurance is reported on the Income Statement.

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