The green company building is valued at $220,000 the building was insured for $100,000 at a premium rate of $5.60 per thousand. The policy contained an 80% coinsurance clause. A small fire caused damages costing $35, 200 to repair. Later in the year another fire caused damages costi g $105,600 to repair. How much more did the insurance company pay for repairs gor fire damage for green company during the year than it earned if premiums from green company for the year?

The green company building is valued at $220,000 the building was insured for $100,000 at a premium rate of $5.60 per thousand. The policy contained an 80% coinsurance clause. A small fire caused damages costing $35, 200 to repair. Later in the year another fire caused damages costi g $105,600 to repair. How much more did the insurance company pay for repairs gor fire damage for green company during the year than it earned if premiums from green company for the year?

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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