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Insurance expense on the annual income statement

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Reference no: EM131412487

On July 1, a company paid the $6,000 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 current year ended December 31?

  • $4,500
  • $2,500
  • $3,000
  • $6,000
  • $1,500

Reference no: EM131412487

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