Question: On June 3 0 , 2 0 1 5 , the Turi Company purchased a two - year fire insurance policy. Turi recorded the purchase

On June 30,2015, the Turi Company purchased a two-year fire insurance policy. Turi recorded the purchase by debiting Prepaid Insurance and crediting Cash for $10,000. What is the balance in the prepaid insurance account on 1/1/2017?

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