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Insurance expense on the annual income statement

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Reference no: EM131412536

On July 1, a company paid the $2,160 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?

a) $2,160

b) $1,080

c) $540

d) $1,620

e) $900

Reference no: EM131412536

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