During 2017,Toxic Release LLC Paid a Total of $64,000 in Cash

Multiple Choice

During 2017,Toxic Release LLC paid a total of $64,000 in cash for insurance.Toxic Release's Prepaid Insurance account had a balance on January 1,2017,of $8,000 and a balance on December 31,2017,of $5,500.The amount of Insurance Expense to be reported on Toxic Release's income statement for the year ended December 31,2017,is:

A) $58,500
B) $66,500
C) $64,000
D) $61,500