b. An analysis of the company's insurance policies provided the following facts. Months of Policyr Date of Purchase Coverage Cost A April 1, 2011 24 $ 14,400 B April 1, 2012 36 12,960 E August 1, 2013 12 2,400 The total premium for each policy was paid in full {for all months) at the purchase date, and the Prepaid Insurance account was debited tor the full cost. (Yearend: adjusting entries for Prepaid Insurance were properly recorded in all prior years.)