On july 1, 20x3, roxy co. obtained fire insurance for a three-year period at an annual premium of $72,000 payable on july 1 of each year. the first premium payment was made july 1, 20x3. on october 1, 20x3, roxy paid $24,000 for real estate taxes to cover the period ending september 30, 20x4. this prepayment was made to obtain a discount. in its december 31, 20x3, balance sheet, roxy should report prepaid expenses of:
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On july 1, 20x3, roxy co. obtained fire insurance for a three-year period at an annual premium of $7...
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