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On April 1, 2011, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2011?

a) $1,350

b) $450

c) $1,012.50

d) $337.50

e) $37.50

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  • Category:- Accounting Basics
  • Reference No.:- M947202

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