The correct amount of prepaid insurance shown on a company’s December 31, 2021, balance sheet was $1,400. On May 1, 2022, the company paid an additional insurance premium of $1,100. In the December 31, 2022, balance sheet, the amount of prepaid insurance was correctly shown as $1,000. The amount of insurance expense that should appear in the company’s 2022 income statement is:
