4 7 points Skipped Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying $25,800 ($2,150/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepaid Insurance at the beginning of the year is $0). eBook Complete this question by entering your answers in the tabs below. Print References Required 1 and 2 Required 3 Mc Graw Hill Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 Record the purchase of insurance on March 1. 2 Record adjusting entry on December 31. < Prev 7 of 11 Next >