2 On July 1, 2016, Rotan Corporation paid $72,000 cash for a three year insurance premium. What adjusting entry should Rotan record on December 31, 2016? Assume that no other adjusting entries have been recorded yet this year. 02:57:49 Multiple Choice 72,000 Insurance expense Cash 72,000 72,000 Prepaid insurance Cash 72,000 U 12,000 Insurance expense Prepaid insurance 12,000 U 12,000 Insurance expense Cash 12,000