Required information Problem 1-62 (LO 1-4) (Algo) [The following information applies to the questions displayed below.] In January of year 0 , Justin paid $8,000 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. What amount of the insurance premium may Justin deduct in year 0 in each of the following alternative scenarios? Note: Leave no answers blank. Enter zero if applicable. Problem 1-62 Part-a (Algo) a. The policy covers the business property from April 1 of year 0 through March 31 of year 1 . Required information Problem 1-62 (LO 1-4) (Algo) [The following information applies to the questions displayed below.] In January of year 0 , Justin paid $8,000 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. What amount of the insurance premium may Justin deduct in year 0 in each of the following alternative scenarios? Note: Leave no answers blank. Enter zero if applicable. Problem 1-62 Part-b (Algo) b. The policy begins on February 1 of year 1 and extends through January 31 of year 2 . Required information Problem 1-62 (LO 1-4) (Algo) [The following information applies to the questions displayed below.] In January of year 0, Justin paid $8,000 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. What amount of the insurance premium may Justin deduct in year 0 in each of the following alternative scenarios? Note: Leave no answers blank. Enter zero if applicable. Problem 1-62 Part-c (Algo) c. Justin pays $9,200 for a 24-month policy that covers the business from April 1, year 0 , through March 31 , year 2 . Note: Do not round intermediate calculations