During 2023, the Firebright Company recorded the payments of all insurance premiums as expenses. At 12/31/2023, Firebrights unadjusted trial balance shows a balance of $4,200 in Insurance Expense. A 12/31/23 review of insurance policies reveals that $1,250 of insurance is unexpired. The amount reported on Firebrights 2022 balance sheet as Prepaid Insurance was $500. Provide the adjusting journal entry that Firebright would make in order that the 2023 financial statement are correctly stated