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What is the charge to the income statement and the entry in the statement of financial position for year 1 ended 30 November?
Refer to the Exhibit.
On 1 May year 1 a company pays insurance of $1,800 for the period to 30 April year 2.
What is the charge to the income statement and the entry in the statement of financial position for year 1 ended 30 November?
A . A
B . B
C . C
D . D
Answer: A
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