On July 1, 2021, ABC Corporation paid $12,000 of the annual insurance policy. The company closes its books on December 31, 2021. The paid period is from July 1, 2021 to June 30, 2022. At the beginning of the accounting period of the year 2021, the insurance account paid in advance had a balance (balance) of $6,200 that covered the period from January 1 to June 30, 2021. Determine the insurance expense for the year 2021. MultipleChoice a. $6,200 b. $12,200 c. $6,000 d. $12,000