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On January 1, 2014, Ryan Company paid the premium on a two-year insurance policy in the amount of $7,400. At that time, the full amount

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On January 1, 2014, Ryan Company paid the premium on a two-year insurance policy in the amount of $7,400. At that time, the full amount paid was recorded as prepaid insurance. After recording the adjusting entry for the insurance policy on December 31, 2014, what would be the balance in Ryan Company's prepaid nsurance account? o $7,400 O $3,700 O $2,700 o $2,600

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