Use the following information about Iris Corporation to answer the next four questions. Iris Corporation...
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Use the following information about Iris Corporation to answer the next four questions. Iris Corporation paid $3,600 and purchased a two-year insurance policy on September 1, 2021. The policy period starts September 1, 2021, and runs until August 31, 2023. Iris Corporation's fiscal year ends December 31. The company records adjusting entries only at year end. 2. What balance is shown for Prepaid Insurance on Iris Corporation's December 31, 2021 Balance Sheet? a $3,600 b. $3,000 c. $1,800 d. $1,200 e. 600 3. What balance is shown for Insurance Expense on Iris Corporation's fiscal year 2021 Income Statement? a. $3,600 b. $3,000 c. $1,800 d. $1,200 e $600 4. What balance is shown for Insurance Expense on Iris Corporation's fiscal year 2022 Income Statement? a $3,600 b. $3,000 c. $1,800 d. $1,200 e. $600 5. What balance is shown for Prepaid Insurance on Iris Corporation's December 31, 2022 Balance Sheet? a. $3,600 b. $3,000 c. $1,800 d. $1,200 e. $600
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