Early in 2023, Kirkland Granite discovered that a five-year insurance premium payment of $750,000 at the beginning of 2020 was debited to insurance expense. The correcting entry would include :

a. A debit to prepaid insurance of $750,000.

b. A debit to prepaid insurance of $450,000.

c. A debit to insurance expense of $300,000.

d. A credit to cash for $300,000.

e. A credit to retained earnings of $300,000.