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The correct amount of prepaid insurance shown on a company's December 31, 2009, balance sheet was $900. On July 1, 2010, the company paid an additional insurance premium of $600. In the December 31, 2010, balance sheet, the amount of prepaid insurance was correctly shown as $500. The amount of insurance expense that should appear in the company's 2010 income statement is:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M960985

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