Homework Answers
Prepaid Insurance on september 1, 2017 = $66,000
Insurance expired each month = 66000 / 24 = $2,750
Insurance expired in 2017 = 2750 * 4 = $11,000.
X Company will report in finacial statements for 2017:
c. Prepaid Insurance $55,000; Insurance expense $11,000.
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