Question
n January of year 0, Justin paid $7,800 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year
n January of year 0, Justin paid $7,800 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Justin deduct in year 0 in each of the following alternative scenarios? (Leave no answers blank. Enter zero if applicable.) Problem 9-62 Part-c (Algo)
c. Justin pays $9,000 for a 24-month policy that covers the business from April 1, year 0, through March 31, year 2. (Do not round intermediate calculations.)
Using the accrual method please
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