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On July 1, a company paid the $3,360 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance

On July 1, a company paid the $3,360 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year ended December 31?

Multiple Choice

$1,680.
$3,360.
$1,400.
$840.
$2,520.

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