Gulf Company opened its business on January 1, 2021, and paid for two insurance policies effective that date. The policy for equipment damage was $36,720 for 18 months, and the crop damage policy was $14,400 for a two-year term. What is the balance in prepaid insurance as of December 31, 2021? a. $19,440. b. $51,120. c. $9720. d. $31,680