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Please Explain!! Violetta's Violins purchases a fire insurance policy for her storefront on August 1st, Year 1. The policy lasts two years, ending on July

Please Explain!!

Violetta's Violins purchases a fire insurance policy for her storefront on August 1st, Year 1. The policy lasts two years, ending on July 31st, Year 3. The policy costs a total of $12,000, which Violetta pays in full up front. Assume Violetta records adjusting entries at the end of each month. Answer the following questions regarding Violetta's Year 2 financial statements ending on 12/31: How much Prepaid Insurance will show up on Violetta's Year 2 Balance Sheet? How much Insurance Payable will show up on Violetta's Year 2 Balance Sheet? How much Insurance Expense will show up on Violetta's Year 2 Income Statement

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