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What amount should be reported as prepaid expenses

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On July 1, 2019, Peter Senen obtained fire insurance at an annual premium of P144,000 payable on July 1 of each year. The first premium payment was made July 1, 2010. On October 1, 2019, the entity paid P48,000 for real estate taxes to cover the period ending September 30, 2020.

Problem 1: On December 31, 2019, what amount should be reported as prepaid expenses?

a. 120,000

b. 72,000

c. 108,000

d. 96,000

Reference no: EM132762791

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