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Vaughn Investments purchased an 12-month insurance policy on May 31, 2020 for $3960. The December 31, 2020 balance sheet would report Prepaid Insurance of $2310

Vaughn Investments purchased an 12-month insurance policy on May 31, 2020 for $3960. The December 31, 2020 balance sheet would report Prepaid Insurance of $2310 $3960. $1650. $0 because Prepaid Insurance is reported on the Income Statement

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