During 2017,Toxic Release LLC Paid a Total of $64,000 in Cash

question 26

Multiple Choice

During 2017,Toxic Release LLC paid a total of $64,000 in cash for insurance.Toxic Release's Prepaid Insurance account had a balance on January 1,2017,of $8,000 and a balance on December 31,2017,of $5,500.The amount of Insurance Expense to be reported on Toxic Release's income statement for the year ended December 31,2017,is:

• A) $58,500
• B) $66,500
• C) $64,000
• D) $61,500

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Definitions:

Whigs

A political party active in the middle of the 19th century in the United States that advocated for federal government support for a more industrial and modern economy.

Republicans

Members of the Republican Party, a political party in the United States known for its conservative positions on economic and social issues.

National Republicans

a political party in the United States that emerged from the split of the Democratic-Republican Party, advocating for a strong centralized government and a protective tariff, active in the 1820s to 1830s.

Whigs

A political party active in the mid-19th century in the United States that advocated for federal government support in economic matters and opposed the Democratic Party, favoring modernization and economic protectionism.