On May 1 of the current year, a two-year insurance policy was purchased for $24,000 with coverage
Question:
On May 1 of the current year, a two-year insurance policy was purchased for $24,000 with coverage to begin immediately. What is the amount of insurance expense that appears on the company’s income statement for the current year ended December 31?
a. $4,000
c. $12,000
e. $24,000
b. $8,000
d. $20,000
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