Midwest Manufacturing purchased a three-year insurance policy for $34,800 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, 50, $84,000, and $74,000, 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. Reg R2 Rego Reg 36 Prepare the accounts for Prepaid Insurance Insurance Expense, Cash, and Retained Earnings. Assume the January 2, 2021, balances in these accounts were $0, 50, 684,000, and $74,000, respectively. (Post the transactions in the order of the journal entries answered in requirement 1.) Prepaid Insurance Insurance Experte Credit Debit Credit Debit 12/21 12/21 (0) Reg1 Reg 2 Reg 3 Reg 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, $84,000, and $74,000, 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 0 1/2/21 12/31/21 0 12/31/21 0 12/31/22 0 12/31/22 Cash Retained Earnings Debit Credit Debit Credit 1/2/21 1/2/21 1231/21 12/31/21 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 36 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. Partint Balance Sheet 12/31/2021 12/31/2022 Assets Stockholders' Equity 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. Rea 1 Rea 2 Rea 33 Reg 30 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 Partincon St 12/31/2012