Account for insurance expense. (LO 1, 3)

All Natural Medicine Corporation paid \(\$ 2,178\) on August 1, 2009, for an 18 -month insurance policy beginning on that date. The company recorded the entire amount as prepaid insurance. By using the following chart, calculate how much expense and prepaid insurance will be reported on the year-end financial statements. The company's year-end is December 31.

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2009 2010 2011 Insurance expense Prepaid insurance at December 31