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During 2020, Toxic Release LLC paid a total of $64,000 in cash for insurance. Toxic...

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Accounting

During 2020, 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, 2020, of $8,000 and a balance on December 31, 2020, of $5,500. The amount of Insurance Expense to be reported on Toxic Release's income statement for the year ended December 31, 2020, is _______.

A) 64000

b) 66500

c) 58500

d) 61500

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