20. Beaumont Inc. is finalizing its prepaid insurance account on December 31, year 3. The account includes P15,000 for a general insurance policy beginning and paid for on December 1, year 3; P4,000...

Extracted text: 20. Beaumont Inc. is finalizing its prepaid insurance account on December 31, year 3. The account includes P15,000 for a general insurance policy beginning and paid for on December 1, year 3; P4,000 for an auto policy beginning January 1, Year 1; and P12,000 paid key man life insurance policy running from July 1, year 2, through June 30, Year 3. What amount should be reported as an expense in Beaumont's Year 3 income statement? a. 13,250 b. 15,000 c. 17,750 d. 17,250