On December 31, 2017, Coolwear, Inc had a balance in its prepaid insurance account of $66,400 During

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Question:

On December 31, 2017, Coolwear, Inc had a balance in its prepaid insurance account of $66,400 During 2018, $104,000 was paid for insurance At the end of 2018, after adjusting entries were recorded, the balance in the prepaid insurance account was 51,000 Insurance expense for 2018 would be

Multiple Choice Question

$108,900.
$97,000.
$156,400.

$119,400