FAYB $($a C$-$Corporation$),$ pursuant to its contract with its chief reinsurer, prepays its insurance premiums based on a $24$ month contract. On December $29$th$,2018$ FAYB made a $$200,000$ payment to its reinsurer to cover the $24$ month premiums for the next year. Determine entries for the company for $2018$ and $2019.$Assume that FAYB is a cash basis taxpayer and its fiscal year for financial statement purposes ends on December $31,2018.$ What would the entries be to record this payment for $2018$ and $2019$ and when $($if at all$)$ is this tax deductibility? $$Explain the reasoning as to why this is or isnt tax deductible for each year.