Exercise 3-1 (Algo) Determining assets and expenses for accrual and cash accounting LO C1 On December 1, Year 1, a company paid an $21,600 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. Income Statement Insurance Expense Balance Sheet Prepaid Insurance Accrual Basis Cash Basis Accrual Basis Cash Basis December 31, Year 1 Year 11 December 31, Year 2 December 31, Year 3 December 31, Year 4 Year 2 Year 31 Year 4 Total $ 0 $ 0