Braun Corp. purchased a service vehicle liability policy in July, 2021 and paid a five - year premium for $350,000. It was recorded as Insurance Expense. The error was discovered late in 2021 when the accountants were reconciling 2021 for adjusting entries. What is the proper entry to correct the errors in 2021 if the tax rate for all years is 35% ? A. No entry needed because it will self - correct in two more years