$($if need$-$be$,$ research pre$-$paid expenses to sharpen your financial accounting skills before answering this question$).$ The ABC company pays $$25,000$ for a $6-$month IT support contract. This prepaid expense

Group of answer choices

is an asset and may have a future economic benefit.

is an asset and has an expected future economic benefit

is not an asset because it does not necessarily have a future economic benefit

is not an asset but rather an expense.