Question 5 (of 17) 6.00 points The following information applies to the question

Question

Question 5 (of 17) 6.00 points The following information applies to the questions displayed belowJ On Apri 30, 2016, Rudoloh Inc purchased a three- year insurance polioy with a cash payment of $ 21,60. Coverage began immediately. Required: 1. What is the amount of Insurance Expense relating to this insurance policy that will be reported for the year ended December 31, 2016 2. What is the amount of Prepaid Insurance relating to this insurance poliay that will be reported on the December 31, 2016 Bslance Sheet? MacBook Air 30 2 3 4

Explanation / Answer

1 2016 insurance expense = 21600/36*8= $4800 2 Dec 31,2016 Prepaid insurance balance = 21600-4800= $16800

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