Exercise $3-1($Algo$)$ Determining assets and expenses for accrual and cash accounting LO C$1$

Skipped

On August $1,$ Year $1,$ a company paid an $$25,200$ premium on a $36-$month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table.

$\backslash$table$[[$Balance Sheet,Income Statement$],[$Prepaid Insurance,Insurance Expense$],[,$Accrual Basis,Cash Basis,,Accrual Basis,Cash Basis$],[$December $31,$ Year $1,,,$Year $1,,],[$December $31,$ Year $2,53,,$Year $2,,],[$December $31,$ Year $3,,,$Year $3,,],[$December $31,$ Year $4,6,,$Year $4,,],[,.,,$Total,$$,$$