9. Baker's Haulage is a trucking business. Expenses include truck insur- ance. The following insurance-related transactions happened in the current year: (i) On January 1, there was $5,500 of prepaid insurance. (ii) During the year, a total of $12,500 was paid out in insurance premiums. (iii) On December 31, the prepaid insurance was $6,250. Required (a) Calculate the insurance expense for the year. (b) If the insurance expense for the previous year had been $11,000, what is your best guess of the renewal date for the insurance policies? (c) If you were told that Baker's haulage had received $5,000 for an insurance claim during the year, what would be the change in the insurance expense