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What amount should be included in crippling income statement

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Reference no: EM132794347

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: EM132794347

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