CH 14] 14-16 Accounting for Agriculture Name: EXERCISES On July 1, Steve Twite paid a premium of $252 for a three-year fire insurance policy on his equipment. How much of this premium should be shown on his income statement for the period ended on the following December 31? 1. 2. TJ. Weber purchased a particular item of merchandise for $100, including transportation charges. He added 50% to the cost, establishing a selling price of $150. Assuming that he sells the item for $150, what will be the percentage of the gross profit to the selling price