The Green Company building was valued at $220,000. The building was insured for $100,000 at...
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Accounting
The Green Company building was valued at $220,000. The building was insured for $100,000 at a premium rate of $5.60 per thousand. The policy contained an 80% coinsurance clause. A small fire caused damages costing $35,200 to repair. Later in the year, another fire caused damages costing $105,600 to repair. How much more did the insurance company pay for repairs for fire damage for Green Company during the year than it earned in premiums from the Green Company for the year?
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