On March 1, 2016, ABC purchased a one-year liability insurance policy for $27,000.
Upon purchase, the following journal entry was made:
	Dr Prepaid insurance			27,000
		Cr Cash			27,000
The expired portion of insurance must be recorded as of 12/31/16.
Notice that the expired portion from March through November has been recorded already.
Make sure that the Prepaid Insurance balance after the adjusting entry is correct.