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20x 1, Ace Industries purchased year 12 090. Which of the fo lowing col he policy and paid the the acquisition of the insurance 7000 of insurance expense for the year ended December 31, 20 1 a $12.000 credit to Insurance Expense on June 1 $6.000 of insurance expense for the year ended December 31, 20x1 ) a $12.000 credit to Prepaid Insurance on June 1, 20x1 Question 5 2 pts Jack and John each rented adjacent offices beginning on 10/1/x1. Each paid the landlord $12,000 for one year's rent beginning 10/1/x1. Although Jack initially debited rent expense for $ 12,000, John initially debited prepaid rent for $12,000. Assuming GAAP is followed and the financial statements are prepared correctly, Jack and John's 12/31/x1 financial statements will show O Both Jack and John will have $9,000 of rent expense and $3,000 prepaid rent John with $12,000 more rent expense than Jack Jack with $12,000 more prepaid rent than John Both Jack and John will have $3,000 of rent expense and $9,000 prepaid rent Question 6