QUESTION 9 In January of year 0, Justin paid $7,000 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. Assume the insurance policy is for a 24-month period from April 1, year 0 through March 31, year 2. What amount of the insurance premium may Justin deduct in year 0? QUESTION 10 In October of year 0, Janine received a $4,000 payment from a client for 25 months of security services she will provide starting on November 1 of year 0. This amounts to $160 per month. What amount of revenue must Janine recognize in year 0 from the $4,000 advance payment for services if she uses the cash method of accounting?