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What is the product of this reaction?
Insurance Expense
The cost reported by a company for premiums it pays on its insurance policies, covering risks such as property damage, theft, or liability.
Accumulated Depreciation
The total amount of depreciation expense that has been charged against a fixed asset since it was put into use, representing the wear and tear over time.
Contra-Asset Account
An account that offsets or reduces the balance of its related asset account, such as accumulated depreciation reducing the carrying value of fixed assets.
Liability Account
An accounting record that represents a company's legal debts or obligations that arise during business operations.
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