Assume a company began the period with $ 5,000 of prepaid insurance. During the period, the company

Question:

Assume a company began the period with $ 5,000 of prepaid insurance. During the period, the company paid an additional $ 8,000 for insurance. At the end of the period, the company deter-mined that insurance expense for the period was $ 12,000. On which financial statement would each of these numbers be reported?