Gem has operated the business for many years. On 1 March, Gem bought a new factory. On that date, he paid $900$ for three months’ insurance on the factory. What amount should Gem record for insurance in his statement of financial position at 31 March?
- A$300$ in current assets
- B$300$ in current liabilities
- C$600$ in current assets
- D$600$ in current liabilities