Oglethorpe Corporation Reported a Beginning Balance of $12,400 in Its

Multiple Choice

Oglethorpe Corporation reported a beginning balance of $12,400 in its Prepaid Insurance account.During the year,Oglethorpe paid a total of $42,000 to purchase insurance,and the Prepaid Insurance account had an ending balance of $13,100.What was the amount of insurance expense for the year?

A) $42,000
B) $42,300
C) $42,700
D) $41,300