Fes Company is making adjusting journal entries for the year ended December 31, 2021 In developing information for the adjusting journal entries, you learned the following: a. A two-year insurance premium of $6,500 was paid on Janvary 1,2021 , for coverage beginning on that date. As of December 31 . 2021 , the unadjusted balances were $6,500 for Prepaid Insurance and $0 for Insurance Expense. b. At December 31, 2021, you obtained the following data relating to supplles. Required: 1. Of the $6,500 paid for insurance, what amount should be reported on the 2021 income statement as insurance Expense? Whor amount should be reported on the December 31,2021 , balance sheet as Prepoid Insurance? 2. What amount should be reported on the 2021 income statement as Supplies Expense? What amount should be reported on the December 31, 2021, balance sheet as Supplies? 3. Indicate the occounting equation effects of the adjustment required for (b) insurance and (b) supplies. Complete this question by entering your answers in the tabs below. What amount should be reported on the 2021 income statement as Supplies Expense? What amount should be reported on the December 31,2021 , balance sheet as Supplies