On january 1, a company purchased a five-year insurance policy for $3,700 with coverage starting immediately. if the purchase was recorded in the prepaid insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: (a) debit insurance expense, $740; credit prepaid insurance, $740. (b) debit prepaid insurance, $3,700; credit cash, $3,700 (c) debit prepaid insurance, $2.960: credit insurance expense, $2.960. (d) debit insurance expense, $740; credit prepaid insurance, $2,960. (e) debit prepaid insurance, $740; credit insurance expense, $740.

In 2018, laureen is currently single. she paid $2,800 of qualified tuition and related expenses for each of her twin daughters sheri and meri to attend state university as freshmen ($2,800 each for a total of $5,600). sheri and meri qualify as laureen’s dependents. laureen also paid $1,900 for her son ryan’s (also laureen’s dependent) tuition and related expenses to attend his junior year at state university. finally, laureen paid $1,200 for herself to attend seminars at a community college to her improve her job skills.what is the maximum amount of education credits laureen can claim for these expenditures in each of the following alternative scenarios? a. laureen's agi is $45,000.b. laureen’s agi is $95,000.c. laureen’s agi is $45,000 and laureen paid $12,000 (not $1,900) for ryan to attend graduate school (i.e, his fifth year, not his junior year).