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What amount of insurance expense should be shown

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Reference no: EM133091569

Question - Given the following information regarding a company's insurance transactions:

 

Year 1

Year 2

Prepaid insurance (end of year)

P1,000

P2,000

Insurance payable (end of year)

6,000

4,000

Insurance payments paid in cash (during year)

16,000

10,000

Required - What amount of insurance expense should be shown on the year 2 income statement?

a. P13,000

b. P11,000

c. P10,000

d. P7,000

Reference no: EM133091569

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