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The following information applies to the questions displayed below.] On April 30, 2016, Rudolph Inc. purchased a three-year insurance policy with a cash payment of

The following information applies to the questions displayed below.]

On April 30, 2016, Rudolph Inc. purchased a three-year insurance policy with a cash payment of $ 22,500. Coverage began immediately.

What is the amount of Insurance Expense relating to this insurance policy that will be reported for the year ended December 31, 2016?

$2,500

$5,000

$10,000

$7,500

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