Question: COX LLC paid $15,000 to renew its insurance policy for five years on March 1, 2016, the policy's effective start date. What amounts should be

COX LLC paid $15,000 to renew its insurance policy for five years on March 1, 2016, the policy's effective start date. What amounts should be reported for prepaid insurance and insurance expenses in COX LLC's financial statements for the month ending on March 31, 2016

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