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What is the amount of prepaid insurance in the statement

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Question - On 1 July 2018, Fantastic Traders paid $12,000 in insurance premiums for coverage for the next three years. Please answer the following two questions:

Part 1 - Given the information provided above, what is the amount of insurance expense that will appear in the income statement for the year ended 31 December 2018?

Part 2 - Given the information provided above (Q11) what is the amount of prepaid insurance in the statement of financial position as at 31 December 2018?

Reference no: EM132642685

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