Hurlburt corporation renewed an insurance policy for 3 years beginning july 1 and recorded the $81,000 premium in the prepaid insurance account. the $81,000 premium represents an increase of $23,400 from the $57,600 premium charged 3 years ago.

assuming hurlburt's records its insurance adjustments only at the end of the calendar year, the adjusting entry required to reflect the proper balances in the insurance accounts at

december 31 hurlburt's year end is to

a. debit insurance expense for $67,500 and credit prepaid insurance for $67,500.

b. debit insurance expense for $13,500 and credit prepaid insurance for $13,500.

c. debit prepaid insurance for $13,500 and credit insurance expense for $13,500.

d. debit insurance expense for $23,100 and credit prepaid insurance for $23,100.

What is the difference between a government and a state

Winston uses the high-low method. it had an average cost per unit of $10 at its lowest level of activity when sales equaled 10,000 units and an average cost per unit of $6.50 at its highest level of activity when sales equaled 20,000 units. what would winston estimate its total cost to be if sales equaled 8,000 units?

Trecek corporation incurs research and development costs of $625,000 in 2017, 30 percent of which relate to development activities subsequent to ias 38 criteria having been met that indicate an intangible asset has been created. the newly developed product is brought to market in january 2018 and is expected to generate sales revenue for 10 years. assume that a u.s.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with ifrs. thus, adjustments to convert from u.s. gaap to ifrs must be made. ignore income taxes. required: (a) prepare journal entries for research and development costs for the years ending december 31, 2017, and december 31, 2018, under (1) u.s. gaap and (2) ifrs. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u.s. gaap balances to ifrs.