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

On October $1,$ Year $1,$ a company paid an $$22,500$ 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,,$$$,$Year $1,,],[$December $31,$ Year $2,,0,$Year $2,,0],[$December $31,$ Year $3,$L$,0,$Year $3,,0],[\backslash$table$[[$December $31,$ Year $4]],0,0,$Year $4,,0],[,,,$Total,$0,$$$,25,200$