Jse the horizontal model to record the payment of a one-year insurance premium of $18,000 on October 1, 2022. Note: Enter decreases to account balances with a minus sign. 22. \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{5}{|c|}{ Income Statement } \\ \hline Net income & = & Revenues & - & Expenses \\ \hline & = & & - & & \\ \hline & = & & - & & \\ \hline \end{tabular} m "used" that month. Required: a. 1. Use the horizontal model to record the payment of a one-year insurance premium of $18,000 on October 1, 2022. 2. Prepare the journal entry to record the payment of a one-year insurance premium of $18,000 on October 1, 2022. b. 1. Use the horizontal model that will be made at the end of every month to show the amount of insurance premium "used" that month. 2. Prepare the adjusting entry that will be made at the end of every month to show the amount of insurance premium "used" that month. c. Calculate the amount of prepaid insurance that should be reported on the December 31, 2022 balance sheet with respect to this policy. Complete this question by entering your answers in the tabs below. Calculate the amount of prepaid insurance that should be reported on the December 31, 2022 balance sheet with respect to this policy. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the $18,000 payment of a one-year insurance premium on October 1 , 2022. Note: Enter debits before credits. Use the horizontal model that will be made at the end of every month to show the amount of insurance premium "used" that month. Note: Enter decreases to account balances with a minus sign