The accounting profit for Mary Ltd for the year ended 30 June 2012 was $100...
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Accounting
The accounting profit for Mary Ltd for the year ended 30 June 2012 was $100 000. Included in the accounting profit was insurance expense of $8 000. The balance of the Prepaid Insurance account at 30 June 2011 was $25 000 and at 30 June 2012 was $23 000. To calculate the taxable profit for the year, a tax deduction is granted for insurance when the premiums are paid. The amount of insurance premiums paid for the year ended 30 June 2012 were:
Group of answer choices
$8 000
$6 000
$10 000
$2 000
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