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Required information Problem 9-62(LO 9-4)(Algo) [The following information applies to the questions...

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Accounting

Required information
Problem 9-62(LO 9-4)(Algo)
[The following information applies to the questions displayed below.]
In January of year 0, Justin paid $8,800 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting.
What amount of the insurance premium may Justin deduct in year 0 in each of the following alternative scenarios?
Note: Leave no answers blank. Enter zero if applicable.
Problem 9-62 Part-c (Algo)
c. Justin pays $10,000 for a 24-month policy that covers the business from April 1, year 0, through March 31, year 2.
Note: Do not round intermediate calculations.
Deductible amount
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