Mountaineer excavation operates in a low-lying area that is subject to heavy rains and flooding. because of this, mountaineer purchases one year of flood insurance in advance on march 1, paying $36,000 ($3,000/month). Required: 1. Recore the purchase of insurance in advance on March,1. 1. Record the adjusting entry on December, 31., 3. calculate the year end adjusted balances of prepaid insurance and insurance expense
