Assume Idaho Company recorded the following adjusting journal entry at year-end: Insurance expense Prepaid insurance $2,500 $2,5001 If the beginning balance in prepaid insurance was $500, and $5,000 was paid for an insurance premium during the year, what is the ending balance in the prepaid insurance account after the above adjusting entry? Multiple Choice O $4,700. (0) $3,200. O O $3,000. O $2,700