eBook Show Me How Video Calculator Print Item Prepaid Insurance-Annual Adjustments On April 1, 2017, Brigos Corp, purchases a 24-month property insurance policy for $72,000 The policy is effective immediately. Assume that Briggs prepares adjustments only ance a year, on December 31. Required: 1. Compute the monthly cost of the insurance policy. per month 2. Identify and analyze the transaction to record the purchase of the policy on April 1, 2017 Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select No Entry' and leave the amount box blank: If the effect on a financial statement item is negative, i.a. a decrease, be sure to enter the answer with a minus sign Balance Sheet Stockholders Assets Liabilities Equity Revenues