purchase general liability insurance agreement for the period of January 1, 2007, to December 31, 2007. The

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purchase general liability insurance agreement for the period of January 1, 2007, to December 31, 2007. The insurance agreement costs Gannett $120,000 and was paid on January 1, 2007. How will Gannett record the purchase of the insurance contract for the fiscal period of December