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Time Remaining 1 hour 50 minutes 22 seconds01:50:22 Item 2 Time Remaining 1 hour 50 minutes 22 seconds01:50:22 On January 1, a company purchased a

Time Remaining 1 hour 50 minutes 22 seconds01:50:22 Item 2 Time Remaining 1 hour 50 minutes 22 seconds01:50:22 On January 1, a company purchased a five-year insurance policy for $3,400 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is?

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