Deneuve Company prepays a one$-$year insurance policy in the amount of $$120,000$ and records the payment to Prepaid Expense. On

December $31,$ there are eight months remaining on the policy and only one journal entry has been made debiting Prepaid Expense for

$$10,000$ and crediting Expense for the same amount. What's the correcting entry on December $31?$

Debit Expense $$50,000,$ and credit Prepaid Expense $$50,000.$

Debit Prepaid Expense $$90,000,$ and credit Expense $$90,000.$

Debit Expense $$80,000,$ and credit Prepaid Expense $$80,000.$

Debit Prepaid Expense $$80,000,$ and credit Expense $$80,000.$