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How much insurance expense should the company have recognize

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On May 1, 2011, a company using accrual accounting purchased equipment costing $500,000. It expects the equipment to have a useful life of five years. At the time of purchase, the company also purchased a one-year insurance policy on this equipment, which cost $6,000.

Problem 1: How much insurance expense should the company have recognized for the year ending in 2011?

Reference no: EM132759842

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