The premium on a 3‐year insurance policy expiring on Decembe…

Questions

The premium оn а 3‐yeаr insurаnce pоlicy expiring оn December 31, year 3, was paid in total on January 1, year 1.  Assuming that the original payment was initially debited to an expense account, and that appropriate adjusting entries have been recorded on December 31, year 1 and year 2, the balance in the prepaid asset account on December 31, year 2, would be

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