Can you answer all these questions? Book Company's unadjusted trial balance for the year ended December 31, 2019 showed a Prepaid Insurance account of P22,050. This balance was related to a 9 month insurance premium. Coverage started on July 1, 2019. In relation this, answer the following questions. 1. How much is the MONTHLY insurance expense pertaining to this? 2. What method is being used by Book Company to account for the insurance premium? A. Liability method B. Asset method C. Expense method D.revenue method 3. How many months of the insurance was unused for the year ending 12.31.2019? 4. How much is the correct amount of insurance expense for year 2019 related to the said premium? 5. How many months of the insurance premium has been consumed as of 12.31.19? 6. How much is the correct balance of the prepaid insurance on 12.31.19? 7. What adjusting entry should be made on 12.31.19? Debit A.Accrued Insurance Expense B. Cash C.Prepaid Insurance D. Insurance Expense E. Accrued Insurance Income How much is the debit amount? Credit A.Accrued Insurance Expense B. Cash C.Prepaid Insurance D. Insurance Expense E. Accrued Insurance Income How much is the credit amount