Exercise 3-1 Determining assets and expenses for accrual and cash accounting LO C1 On March 1, 2017, a company paid an $18,000 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 Accrual Basis Cash Basis Balance Sheet Prepaid Insurance Accrual Basis Cash Basis Dec 31, 2017 2017 Dec 31, 2018 2018 Dec 31, 2019 2019 Dec 31, 2020 2020 Total $ 0 $