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The following information relates to the Morganstern Magazine Company at the end of 2020. The accounting period is the calendar year. An insurance premium of

The following information relates to the Morganstern Magazine Company at the end of 2020. The accounting period is the calendar year.

An insurance premium of $6,000 was paid on January 1, 2020 and was charged toInsurance Expense. The premium covers a 20-month period beginning January 1, 2020.Make the necessary Journal entry on December 31.

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