The following information applies to the questions displayed below J On Apni 0,

Question

The following information applies to the questions displayed below J On Apni 0, 2016, Rudolph Inc purchased a three-year insurance policy with a cash payment or Coverage began immediately Required 1. What is the amount of Insurance Expense relating to this insurance policy that will be reported for the year o this insurance poly that wit be reported orthe year ended December 31, 20167 2, what is the amount ot Prepaid Insurance relating to this insurance polcy that witl be reported on the December 31, 2016 Balance Sheet? Type here to search FS 0

Explanation / Answer

1 2016 insurance expense =19800/36*8= $4400 2 Dec 31, 2016 prepaid insurance balance=19800-4400= $15400

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