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State Construction Company purchased a 3 year insurance policy on July 1, 2012 for $45,000. State prepares yearly financial statements on December 31, 2012. 1.

State Construction Company purchased a 3 year insurance policy on July 1, 2012 for $45,000. State prepares yearly financial statements on December 31, 2012.

1. Calculate the balance in the Prepaid Insurance account on December 31, 2012.

2. Prepare the journal entry for the purchase of the insurance policy on July 1, 2012.

3. Prepare the adjusting journal entry on December 31, 2012

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