Question: On April 1 st 2 0 2 3 ( 4 / 1 / 2 0 2 3 ) a company purchases insurance for $ 2

On April 1st 2023(4/1/2023) a company purchases insurance for $2,000 per month. The company was required to prepay for insurance for one year (12 months paid) on the date of the insurance contract (4/1/2023). What is the amount of Prepaid Insurance that should be reported on the 12/31/2023 Balance Sheet related to this transaction after all adjusting journal entries are made?

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