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On July 1, a company paid the $1,200 premium on a one-year insurance policy with...

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Accounting

On July 1, a company paid the $1,200 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

  • $500.

  • $600.

  • $300.

  • $1,200.

  • $900.

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