What amount should be included in crippling income statement

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Reference no: EM132776266

Crippling Corporation had the following transactions during the quarter ended March 31, 2016:

Loss from typhoon damage 210,000
Payment of fire insurance premium for calendar year 2016 300,000

Problem 1: What amount should be included in Crippling's income statement for the quarter ended March 31, 2016?

Typhoon loss   Insurance expense       Typhoon loss     Insurance expense

a. 210,000           300,000                    c.    52,500             75,000

b. 210,000            75,000                        d.     0                  300,000

Reference no: EM132776266

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