On April 1, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What amount of the insurance expense will be reported on the annual income statement for the year ended December 31?
A. $1,350.00.
B. $337.50.
C. $1,012.50.
D. $450.00.
E. $37.50.
Answer: B
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