Vincent Fabron paid for a 5-year insurance coverage on March 1, 2020. Unadjusted prepaid insurance on December 31,2022 amounted to P1,045,000.21. How much did Vincent pay initially to the insurance company?22. How much is Vincent's monthly insurance?23. How much is adjusted prepaid insurance of Vincent on December 31, 2022?24. How much is the adjustment to insurance expense of Vincent on December 31, 2022?

Vincent Fabron paid insurance coverage for 5years ie 60 months in March 2020 Unadjusted prepaid…

Answered: pay initially to the insurance company?…

pay initially to the insurance company? monthly insurance? repaid insurance of Vincent on December 31, 2022? ment to insurance expense of Vincent on December 31

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 49P

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Question

Vincent Fabron paid for a 5-year insurance coverage on March 1, 2020. Unadjusted prepaid insurance on December 31,
2022 amounted to P1,045,000.
21. How much did Vincent pay initially to the insurance company?
22. How much is Vincent's monthly insurance?
23. How much is adjusted prepaid insurance of Vincent on December 31, 2022?
24. How much is the adjustment to insurance expense of Vincent on December 31, 2022?

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