Adjustment for Prepaid Insurance Cooper Inc. recorded the purchase of a three-year insurance policy on July 1 in the amount of $3,600 by increasing Prepaid Insurance and decreasing Cash. Prepare the necessary December 31 year-end adjustment. Note: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Assets Liabilities + Stockholders' Equity Revenues Expenses = Net Income 3,600 x 0 3,600 x 0 3,600 x 0 x