Exercise 3-1 Determining assets and expenses for accrual and cash accounting LO C2 On April 1, 2015, a company paid an $20,700 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 Cash Basis Balance Sheet Prepaid Insurance Accrual Basis Dec 31, 2015 Dec 31, 2016 Dec 31, 2017 Dec 31, 2018 2015 2016 2017 2018