Warren, Inc. purchased a $400,000 life insurance policy on the company president on January 1, 2017. The premium that was paid on January 1 amounted to $11,600. In the first year, cash surrender value increased by $900 and dividends received by Warren from the insurance company for the year amounted to $300. What was Warren’s insurance expense for 2017?
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Warren, Inc. purchased a $400,000 life insurance policy on the company president on January 1, 2017....
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