Pueblo- West LLC paid a total of $61,000 in cash for insurance. Pueblo- West's Prepaid Insurance account had a beginning balance $9,000 and an ending balance of $7,500. The amount of Insurance Expense to be reported on Pueblo- West's income statement for the year is:
A) $53,500.
B) $59,500.
C) $61,000.
D) $62,500.
Correct Answer:
Verified
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