From the following data, calculate the estimate annual advance premium for workers' compensation insurance and record it in general journal form.
Definitions:
Binomial Distribution
A probability distribution describing the number of successes in a fixed number of binary, independent trials given a specific success probability.
Random Sample
A group selected from a broader population where every individual has the same likelihood of being chosen.
Uniformly Distributed
A type of distribution where all outcomes are equally likely; every variable has the same frequency or probability.
Assembling Product
The process of combining components or parts to build a complete product.
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