Journal entries for insurance. Eason Corporation commenced business on September 1 , Year 12. It paid the one-year insurance premium of $3,600 for property and liability protection on this date and debited Prepaid Insurance. On September 1, Year 13, it renewed the insurance policy and paid the $4,800 one-year insurance premium, again debiting Prepaid Insurance. Eason

- Corporation uses the calendar year as its reporting period. Give the journal entries that Eason Corporation would make on September 1, Year 12, December 31, Year 12, September 1, Year 13, and December 31, Year 13.