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24 November, 16:01

Sheridan Company had the following transactions during the quarter end:

March 31, 2021: Payment of fire insurance premium for calendar year 2021 USD 816000

What amount should be included in Sheridan's income statement for the quarter ended March 31, 2021?

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  1. 24 November, 16:27
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    Payment of insurance premium include in last quarter = $204,000

    Explanation:

    Given:

    Insurance premium during the year = $816,000

    Number of quarter in the year = 4

    Computation of payment include in last quarter:

    Payment of insurance premium include in last quarter = Insurance premium during the year / Number of quarter in the year

    Payment of insurance premium include in last quarter = $816,000 / 4

    Payment of insurance premium include in last quarter = $204,000
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