Question:XYZ Company purchased a 1-year insurance policy for $3,000 on April 1 of Year 1. The amount of prepaid insurance reported on the Balance Sheet and the amount of insurance expense reported on the Income Statement on December 31 of Year 1 are, respectively:
A $750 and $2,250
B $2,250 and $750
C $1,000 and $2,000
D $2,000 and $1,000
+ AnswerA
+ Report
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