he folowing inormaion applies to t e questons displayed below. Au rae ompany is making adjusting en nes or he year ended December 3 o the current year n develop ng in o mation he adusting entries he accountant learned the O ON I or a. A two ycer insurance premium of $6,240 was peid on October 1 of the current year for coverage beginning on that date. The bockkeoper dobited the ful amount to Prepaid Insurance on October 1 b. At December 31 of the current year, the following data relating to Shipping Supplies were obtalned from the records and supporting documents Shipping supplies on hand, January 1of the current year Purchases f shipping supplies during the current year Shipping supplies on hand, counted on December 31 ot the current year S 1,500 64.000 16,000 References Section Break E4-5 Recording Adjusting Entries and Reporting Balances in Financial Statements LO041,42 for a transactionlevent, select "No journal entry required" in the first account field.) Vlew transaction list Journal entry worksheet Record the adjusting journal entry related to Shipping Supplies. Note: Enter debits before credits. General Journal Debit Credit Record entry Clear entry View general journal 3. What amount should be reported on the current year's income statement for Insurance Expense? For Shipping Supplies Expense? (Do not round intermediate calculations.) Insurance expense Shipping supplies expense E4-5 Part 4 4. What amount should be reported on the current year's balance sheet for Prepaid Insurance? For Shipping Supplies? (Do not round intermediate calculations.) Prepaid insurance Shipping supplies