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The premium on a three-year insurance policy purchased on June 30, 2020, was $36,000. What...

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Question

Accounting

The premium on a three-year insurance policy purchased on June 30, 2020, was $36,000. What is the amount of insurance expense that should be presented on the company's income statement for the year ended December 31, 2020?

Select one:

A. $1,000

B. $3,000

C. $6,000

D. $500

E. $8,000

Answer & Explanation Solved by verified expert
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