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The correct amount of prepaid insurance shown in a company's December 31, 2023, balance sheet was $900. On July 1, 2024, the company paid an

The correct amount of prepaid insurance shown in a company's December 31, 2023, balance sheet was $900. On July 1, 2024, the company paid an additional insurance premium of $600. In the December 31, 2024, balance sheet, the amount of prepaid insurance was correctly shown as $500. The amount of insurance expense that should appear in the company's 2024 income statement is

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