Midwest Manufacturing purchased a three-year insurance policy for $34,200 on January 2, 2021. Required: 1. Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2021, December 31, 2021, and December 31, 2022. 2. Prepare the T-accounts for Prepaid Insurance, Insurance Expense, Cash, and Retained Earnings. Assume the January 2, 2021, balances in these accounts were $0, $0, $86,000, and $76,000, 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, 2021, and December 31, 2022. 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, 2021, and December 31, 2022. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3a Req 3b, Prepare the T-accounts for Prepaid Insurance, Insurance Expense, Cash, and Retained Earnings. Assume the January 2, 2021, balances in these accounts were $0, $0, $86,000, and $76,000, respectively. (Post the transactions in the order of the journal entries answered in requirement 1.) Prepaid Insurance Insurance Expense Debit Credit Debit Credit 1/2/21 1/2/21 (1) 12/31/21 22,800 34,200 11,400 (2) 11,400 11,400 12/31/21 (3) 11,400 11,400 < Previ 5 of 6 Next >