On April 30, 2021, Travis Fulgham, Inc. purchased a three-year insurance policy with a cash payment of $ 29,700. Coverage began immediately. Required: 1. What is the amount of Insurance Expense relating to this insurance policy that will be reported for the year ended December 31, 2021? 2021 Insurance Expense 2. What is the amount of Prepaid Insurance relating to this insurance policy that will be reported on the December 31, 2021 Balance Sheet? Dec 31, 2021 Prepaid Insurance Balance