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What is the total insurance expense recognized

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You are analyzing the expenses and revenues in 2019 and during the first quarter of 2020 for your company as this is the first year of your company's operations. In the visualization, you focus on insurance expense that is pre-paid at the beginning of every three months (e.g., your company pays the premium on February 1, 2019 for February, March and April) and service contracts signed at the beginning of every month. These service contracts are paid by the clients in advance when signing the contracts and the company will perform the service in the following one or several months depending on the contract.

Problem 1. What is the total insurance expense recognized for 2019 and total prepaid insurance recognized at the end of 2019?

Reference no: EM132811971

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