Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountalneer ourchases one year of flood Insurance in advance on March 1, paying $33,000($2,750/ month). Requlred: 1.\&2. Record the necessary entrles in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepald Insurance at the beginning of the year is $0 ). Complete this question by entering your answers in the tabs below. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the purchase of one year of flood insurance in advance on March 1, paying $33,000 ( $2,750/ month). Note: Enter debits before credits. Record the adjusting entry for insurance on December 31 . Note: Enter debits before credits. Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepaid Insurance at the beginning of the year is 50 )