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| On January 1, 20X7, Omega Corporation paid $45,000 to renew its property insurance for 3 years. What amount of insurance expense should Omega report for the year-ended December 31, 20X7 and what is the balance of Omega’s prepaid insurance account on December 31, 20X8? Insurance expense Prepaid insurance A) $15,000 $15,000 B)$15,000 $30,000 C) $45,000 $15,000 |
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