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Company H started its business on January 1, 2011. It has purchased 3-insurance policies for various purposes and on various dates, which are: Insurance purchased
Company H started its business on January 1, 2011. It has purchased 3-insurance policies for various purposes and on various dates, which are:
Insurance purchased on Assets | Purchase price | Date of purchase | Policy period |
---|---|---|---|
Factory equipment | $608,000 | January 1, 2011 | 4 years |
Building | $113,900 | January 1, 2012 | 6 months |
Truck | $334,300 | July 31, 2012 | 39 months |
After adjusting the accounts at the end of December 31, 2012, what would be the amount of unexpired insurance that would be reported on the balance sheet as on December 31, 2012? (Round intermediate calculation to 0 decimal place.)
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