An analysis of Thrift Corp.'s unadjusted prepaid expense account at December 31, Year 4 , revealed the following: Thrift had an opening balance of $1,500 for its comprehensive insurance policy. Thrift had paid an annual premium of $3,000 on July 1 , Year 3. A $3,200 annual insurance premium payment made July 1 , Year 4 was unadjusted. A \$2,000 advance rental payment for a warehouse Thrift leased for one year beginning January 1 , Year 5 was included. In its December 31, Year 4, Balance Sheet, what amount should Thrift report as prepaid expenses? $1,600$2,000$3,600$5,200