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On March 1, Taylor Company paid $19,200 for two years of insurance in advance. Required:...

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Accounting

On March 1, Taylor Company paid $19,200 for two years of insurance in advance.

Required: 1. How much will be expensed by the end of the calendar year?

2. How much will be in the Prepaid Insurance account at the end of the year, after the adjusting entries have been prepared and posted? 1. Amount expensed : 2. Amount in the Prepaid Insurance account :

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