19. Early in 2022, Mgihty Company discovered that a five-year insurance premium payment of $200,000 at the beginning of 2020 was debited to insurance expense. The correcting entry would include:

1. A debit to insurance expense of $120,000

2. A debit to prepaid to prepaid insurance of $200,000

3. A credit to retained earnings of $120,000

4. A debit to prepaid insurance of $80,000