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The comparative balance sheets of Shad Inc. contain prepaid insurance of $48,000 on January 1, 2009 and $37,000 on December 31, 2009. Shad's 2009 income statement contains insurance expense of $15,000. Calculate the amount of cash paid for insurance premiums during 2009.
Machinery
Refers to machines or automated systems that contribute to the manufacturing or production process.
United States
A country located in North America consisting of 50 states and is known for its large size and diverse population.
Petroleum
A naturally occurring, yellowish-black liquid found in geological formations beneath the Earth's surface, commonly refined into various types of fuels.
Opportunity Cost
The cost of choosing one option over another, representing the benefits foregone from not choosing the next best alternative.
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