For each of the following separate situations, determine the amount of expense each company should recognize in December (using accrual basis accounting) a. Chipotle has monthly wages expense of $6,000 that has been incurred but not paid as of December 31 b. United Airlines purchases a 24-month insurance policy for $90,000 on December 1 for immediate coverage. c. On December 15, Pfizer prepays $48,000 for hotel rooms for its annual sales meeting in January Expenses a b Situations Wages expense incurred but not paid Purchases a 24-month insurance policy Prepays for hotel rooms for its annual sales meeting