Required:1. Williamson, LLC, paid insurance premiums of $6,720 on December 1, 20X1. These premiums covered a two-year period beginningon that date. What amount, from this payment, should the corporation show as insurance expense for the year 20X1?2. Taylor Moore buys and sells real estate. On December 31, 20X1, her inventory of property included a tract of undeveloped land forwhich she had paid $945,000. The fair market value of the land was $1,045,000 at that date. How much income should Moorereport for 20X1 in connection with this land?3. Madison Building Company signed a contract with a customer on November 1, 20X1. The contract called for construction of abuilding to begin by December 31, 20X1, and to be completed by December 31, 20X2. The contract price was $9.9 million. Madisonestimated that the building would cost $6.9 million. On November 15, 20X1, the customer was required to make an advancepayment of $1,045,000. No work was done on the project until January 20X2. How much income from the project should Madisonreport in 20X1?Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Madison Building Company signed a contract with a customer on November 1, 20X1. The contract called for construction of abuilding to begin by December 31, 20X1, and to be completed by December 31, 20X2. The contract price was $9.9 million.Madison estimated that the building would cost $6.9 million. On November 15, 20x1, the customer was required to make anadvance payment of $1,045,000. No work was done on the project until January 20X2. How much income from the projectshould Madison report in 20X1?Show less AIncome from the project< Required 2Required 3 >

Hi student Since there are multiple questions, we will answer only first question.

Required: 1. Williamson, LLC, paid insurance premiums of $6,720 on December 1, 20X1. These premiums covered a two-year period beginning on that date. What amount, from this payment, should the corporation show as insurance expense for the year 20X1? 2 Taulor selle real es 21 20Y1 ber inu ortu ingludod

Required: 1. Williamson, LLC, paid insurance premiums of $6,720 on December 1, 20X1. These premiums covered a two-year period beginning on that date. What amount, from this payment, should the corporation show as insurance expense for the year 20X1? 2 Taulor selle real es 21 20Y1 ber inu ortu ingludod

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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