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| The premium on a 3-year insurance policy expiring on December 31, year 3, was paid in total on January 1, year 1. Assuming that the original payment was recorded as a prepaid asset, how would total assets and stockholders’ equity be affected during year 3? A. Total assets would decrease and stockholders’ equity would increase. B. Both total assets and stockholders’ equity would decrease. C. Both total assets and stockholders’ equity would increase. D. Neither total assets nor stockholders’ equity would change. |