3 On February 1, Year 1, a company paid an $20,700 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table. 3.75/10 points awarded Scored Balance Sheet Prepaid Insurance Accrual Basis December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 S Cash Basis 17,825 X $ 10,925 X 4,025 X 0 Year 1 Year 2 Year 3 Year 4 Total $ 20,700 $ 20,700 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Income Statement Insurance Expense 0 0 0 0 Accrual Basis $ Cash Basis 2,875 $ 20,700 6,900 6,900 4,025 x 0 0 0