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Business, 26.02.2020 23:11 leilanimontes714

Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying $24,600 ($2,050/month).

1. Record the purchase of insurance in advance on March 1.

2. Record the adjusting entry on December31.

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