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The beginning balance of Prepaid Insurance was $1, 640. During 20X3, the company paid for $8, 450 of additional insurance premiums. At the end of

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The beginning balance of Prepaid Insurance was $1, 640. During 20X3, the company paid for $8, 450 of additional insurance premiums. At the end of 20X3, there is insurance still in force of $2, 260. What are the correct amounts for Insurance Expense on the current year income statement and Prepaid Insurance on the year-end balance sheet

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