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The company had the following transactions during the quarter - loss from rare earthquake, 70,000; payment of fire insurance premium for the year 2020, 100,000.

The company had the following transactions during the quarter - loss from rare earthquake, 70,000; payment of fire insurance premium for the year 2020, 100,000. What amount should be included in the company's Income Statement for the quarter ended March 31, 2020?

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