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On March 1, 2003, a company paid a $16,200 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table. Balance Sheet Insurance Asset Using ________________________ Accrual Cash Basis Basis Dec.31,2003 $_________ $_________ Dec.31,2004 _________ _________ Dec.31,2005 _________ _________ Dec.31,2006 _________ _________ Insurance Expense Using ___________________________ Accrual Cash Basis Basis Dec.31,2003 $________ $__________ Dec.31,2004 ________ __________ Dec.31,2005 ________ __________ Dec.31,2006 ________ __________

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  • Janet
    Janet Jul 10, 2010

    thanks

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Hello,

you will have to divide 16, 200 by 36 which is 450

This means that the company pays $450 annual.

Take care.

Posted on Jul 10, 2010

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