A partial adjusted trial balance of Crane Company at January 31, 2021, shows the following.

CRANE COMPANY Adjusted Trial Balance January 31, 2021
		Debit		Credit
Supplies		$2,900
Prepaid Insurance		10,500
Salaries and Wages Payable				$3,400
Unearned Revenue				4,200
Supplies Expense		4,300
Insurance Expense		1,750
Salaries and Wages Expense		7,800
Service Revenue				8,600

Answer the following questions, assuming the year begins January 1.

If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?

Total premium

$

The policy was purchased on