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On December 1, a company pays $3,600 for a 36-month insurance policy. After one month, accrual accounting requires $ ______(100/3,600) of insurance expense be reported

On December 1, a company pays $3,600 for a 36-month insurance policy. After one month, accrual accounting requires $ ______(100/3,600) of insurance expense be reported on the income statement ending December 31. However, if cash basis accounting is used, $ _______(100/3,600) of insurance expense would be reported at the time of purchase.

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