Homework Answers
| Part a-(2): | ||
| Prepaid insurance | $ 6,000 | |
| Cash | $ 6,000 | |
| Part b-(2): | ||
| Insurance expense [6000/12] | $ 500 | |
| Prepaid insurance | $ 500 | |
| Part c: | ||
| Amount of prepaid insurance to be | ||
| reported on December 31 , 2019 BS = | ||
| = 500*2 = | $ 1,000 | |
| Part d: | ||
| Non current asset = 500*2 = | $ 1,000 | |
| Current asset = 500*12 = | $ 6,000 | |
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