Problem regarding the working backward-prepaid insurance

Reference no: EM13986619

Working Backward: Prepaid Insurance

On December 31, 2014, Baxter Company reported $8,000 in prepaid insurance on its balance sheet. The insurer requires Baxter to pay the annual premium of $24,000 in advance.

Required

1. How much will Baxter recognize each month in insurance expense?

2. On what date does Baxter renew its insurance policy? Explain your answer.

Reference no: EM13986619

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