1.) Farr Company had the following transactions during the quarter ended March 31, 2013. oss from typhoon Payment of fire insurance premium for calendar year 2013 700,000 100,000 What amount should be included in the income statement for the quarter ended March 31, 2013? a. b. c. Casualty loss 700,000 700,000 175,000 Insurance expense 100,000 25,000 25,000