Bert's Bungie Jumping, Inc. paid $650,000 cash for casualty insurance during the year 2015. If the income statement for the year reports insurance expense of $620,000, then

Bert's prepaid insurance decreased $30,000

Bert's cash account balance decreased $30,000

Bert's prepaid insurance increased $30,000

Bert's prepaid insurance was $30,000 at year-end