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 $3,200 that has been incurred but not paid as of December 31. b. United Airlines purchases a 24-month insurance policy for $48,000 on December 1 for immediate coverage. c. On December 15, Pfizer prepays $20,000 for hotel rooms for its January sales meeting. Situations a. Wages expense incurred but not paid b. Purchases a 24-month insurance policy c. Prepays for hotel rooms for its annual sales meeting Expense recognized in December