Which statement is used to assess a ( a company's performance Financial position statement Income statement Equity statement Cash statement O 2 A.B.C Company paid insurance 8000 a year on 1/7/2020 the debit side of adjusting entry recorded on 31/12/2020 is 8000 Insurance 8000 Prepaid Insurance 4000 Insurance 4000 Prepaid Insurance ( on 1/1/2020 A.B.C company purchased machinery by 35,000 JD for 7 years uses, at the end period of life the scrap value is O at straight line method the Accumulated depreciation on 31/12/2023 is 2nnnn