Answer :
Answer:
Balance in Prepaid insurance as of December 31 is $18,750
Explanation:
Computation of Prepaid Insurance
Insurance 1 ($34,200 * 6/18) $11,400
Insurance 2 ($14,700 * 12/24) $7,350
Total Prepaid Insurance $18,750
Answer:
Balance in Prepaid insurance as of December 31 is $18,750
Explanation:
Computation of Prepaid Insurance
Insurance 1 ($34,200 * 6/18) $11,400
Insurance 2 ($14,700 * 12/24) $7,350
Total Prepaid Insurance $18,750