In january of year 0, justin paid $4,800 for an insurance policy that covers his business property for accidents and casualties. justin is a calendar-year taxpayer who uses the cash method of accounting. what amount of the insurance premium may justin deduct in year 0 in the following alternative scenarios? (leave no answers blank. enter zero if applicable.)
a. The policy begins on February 1 of year 1 and extends through January 31 of year 2.
b. The policy covers the business property from April 1 of year 0 through March 31 of year 1.

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)