On January $1,$ Year $1,$ The Wellness Center $($TWC$)$ paid $$2,400$ cash for a one$-$year insurance policy. Based on this information, on January $1,$ Year $1,$ TWC should report a$($n$)$ Blank$\_\_\_\_\_\_.$ Multiple choice question. asset titled prepaid insurance equity titled retained insurance expense titled insurance expense liability titled insurance payable