Action Corporation resides in Florida which can experience hurricanes. On March 1, Action Corporation pays $36,000 ($3,000/month) for one year of hurricane insurance 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). Complete this question by entering your answers in the tabs below. Required 1 and 2 Required 3 *** 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 View journal entry worksheet No General Journal Credit Date March 01 1 Debit 6,000 Prepaid Insurance 2 December 31 Insurance Expense 30,000