B) An analysis of the company's insurance policies provided the following facts. Policy date of Purchase months of coverage Cost A April 1, 2010 24 $10,824 B April 1, 2011 36 $9,624 C August 1, 2011 12 $8,424 The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.)