NOTE: Please explain briefly.

Q) Stanley & Company paid $4,680 on August 1, 2010, for a two-year insurance policy beginning on that date. The company recorded the entire amount as prepaid insurance. By using the following chart, calculate how much expense and prepaid insurance will be reported on the year-end financial statements. The company's fiscal year end is December 31. (Complete all answer boxes.)

Q) Cheese Corporation began the year with $7,250 prepaid insurance. During the year, Cheese prepaid additional insurance premiums amounting to $5,500. The company's insurance expense for the year was $12,000. What was the balance in prepaid insurance at year end? Select the formula you will use to calculate the prepaid insurance balance on the year-end balance sheet. Then enter the amounts and calculate the balance.

please use these options only for the accounts.

Insurance expense Prepaid insurance at December 31 2010 2011 2012 Ending prepaid insurance bal Ending prepaid Einsurance bal Beginning prepaid insurance bal Insurance expense Insurance payment in advance