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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