On April 1, a company paid the $4350 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. $3262.50.
B. $4350.00.
C. $1087.50.
D. $120.83.
E. $1450.00.
Answer: C
Business
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