Homework Answers
As on 31st December, only one month of insurance coverage has elapsed. As per the accrual concept only expense for 1 moth should be accounted and the balance should be shown as prepaid expenses under the head current assets in the balance sheet.
Therefore,
expense to be recognised as on 31st December = $24000*1 month/12 months
= $2000
Remaining $22000 to be shown as prepaid expense in the balance sheet.
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