Eston Hospital paid a three-year insurance premium of $1,350 in advance on January 1, 20X1.
Eston Hospital paid a three-year insurance premium of $1,350 in advance on January 1, 20X1.
Required: What amount should Eston Hospital report as prepaid Insurance in its December 31, 20X2, balance sheet?
Homework Answers
Hi, Please find the below:
| Insurance Premium Paid | $1,350 |
| Term | 3 Years |
| Yearly Premium ($1,350/3) | $450 |
| Year 1 | 450 |
| Year 2 | 450 |
| Year 3 | 450 |
| Total | 1350 |
| Since Year 1 and Year 2 already completed, the prepaid insurance is $450 |
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