Midwest Manufacturing purchased a three-year insurance policy for $32,400 on January 2, 2018. Required: 1. Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2018, December 31, 2018, and December 31, 2019. 2. Prepare the T-accounts for Prepaid Insurance, Insurance Expense, Cash, and Retained Earnings. Assume the January 2, 2018, balances in these accounts were $0, $0, $98,000, and $88,000, respectively. 3-a. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the balance sheet prepared on December 31, 2018, and December 31, 2019. 3-b. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the income statement prepared on December 31, 2018, and December 31, 2019. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req Req 3b Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the balance sheet prepared on December 31, 2018, and December 31, 2019. Balance Sheet 12/31/2018 12/31/2019 Assets Cash Prepaid Insurance 10,800 Stockholders' Equity Retained Earnings