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Business, 11.02.2020 22:07 adrianvigil6400

Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying $24,600 ($2,050/month). Required:
1& 2. Record the necessary entries in the Journal Entry Worksheet below.
3. Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepaid Insurance at the beginning of the year is $0).

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