Question
A seller prepaid their annual insurance premium of $2,100 on January 1 and the closing is set for March 15, using the 12-month/30-day method, if
A seller prepaid their annual insurance premium of $2,100 on January 1 and the closing is set for March 15, using the 12-month/30-day method, if the buyer pays for the day of closing, what will the buyer owe the seller as prorated insurance?
$431.66
$437.26
$1,668.33
$1,680.00
Please explain answer!!
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Financial Accounting
Authors: Bev Vickerstaff, Parminder Johal
1st Edition
1444170414, 978-1444170412
