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PLEASE EXPLAIN Bianca & Company paid $4,320 on May 1, 2010, for a two-year insurance policy beginning on that date. The company recorded the entire

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Bianca & Company paid $4,320 on May 1, 2010, for a two-year insurance policy beginning on that date. The company recorded the entire amount as prepaid insurance. By using the following chart, calculate how much expense and prepaid insurance will be reported on the year-end financial statements. The company's fiscal year end is December 31. (Complete all answer boxes.) Insurance expense Prepaid insurance at December 31 2010 2011 2012

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