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Fina Corp Had the Following Transactions During the Quarter Ended March

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Fina Corp. had the following transactions during the quarter ended March 31, 2015:  Loss from hurricane damage $420,000 Payment of fire insurance premium for calendar year 2015700,000\begin{array}{l}\text { Loss from hurricane damage } & \$ 420,000\\\text { Payment of fire insurance premium for calendar year } 2015&700,000\end{array} What amount should be included in Fina's income statement for the quarter endedMarch 31, 2015? Fina Corp. had the following transactions during the quarter ended March 31, 2015: \begin{array}{l} \text { Loss from hurricane damage } & \$ 420,000\\ \text { Payment of fire insurance premium for calendar year } 2015&700,000 \end{array} What amount should be included in Fina's income statement for the quarter endedMarch 31, 2015?

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