QUESTION 22 On April 1st, Bear Inc. paid $2,400 for an insurance premium on a two-year insurance policy. As of the end of the December of the first year, what should be the balance in the prepaid insurance account? a. 1,500 6.50 C 51,200 d. 5900 QUESTION 23 The liabilities that are to paid in less than one year are called: a. long-term liabilities b. current liabilities c. contingent liabilities d.notes payable