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[The following information applies to the questions displayed below.] A company makes the payment of a one-year insurance premium of $4,776 on March 1, 2019.

[The following information applies to the questions displayed below.]

A company makes the payment of a one-year insurance premium of $4,776 on March 1, 2019.

c. Calculate the amount of prepaid insurance that should be reported on the December 31, 2019, balance sheet with respect to this policy.

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