On July 1, a company paid the 4,080 premium on a one-year insurance policy with benefits beginning on that date.What will be the insurance expense on the annual income statement for the first year ended December 31? Multiple Choice 1,700. 4,080. 3,060. 1,020. 2,040.

Question

On July 1, a company paid the 4,080 premium on a one-year insurance policy with benefits beginning on that date.What will be the insurance expense on the annual income statement for the first year ended December 31? Multiple Choice 1,700. 4,080. 3,060. 1,020. 2,040.

Answer 1

To determine the insurance expense on the annual income statement for the first year ended December 31, we need to calculate the portion of the insurance premium that applies to the period from July 1 to December 31.The total premium paid is

The correct answer is:

Problemas

On July 1, a company paid the 4,080 premium on a one-year insurance policy with benefits beginning on that date.What will be the insurance expense on the annual income statement for the first year ended December 31? Multiple Choice 1,700. 4,080. 3,060. 1,020. 2,040.

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