On July 1, 20x8, Hathaway Ltd. purchased a 4-year insurance policy and paid a premium of $44418. Hathaway has a December 31 year end. Which of the following statements is true? Select one: Under cash basis accounting, there will be a balance of $27761 in the Prepaid insurance account on December 31, 20x9 Under accrual accounting, there will be a balance of $22209 in the Prepaid insurance account on December 31, 20x9 Under accrual accounting, there will be a balance of $38866 in the Prepaid insurance account on December 31, 20x8 Under cash basis accounting, the Insurance expense for the period ending December 31, 20x8, will be $5552