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On March 1. 2021. Crane Company paid $2,520 to Big North insurance for a one year insurance policy. Crane Company tas a December 31 focal

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On March 1. 2021. Crane Company paid \$2,520 to Big North insurance for a one year insurance policy. Crane Company tas a December 31 focal year end and adjusts accounts annually. Complete the following for Crane Corrparsf. Prepare the March 1, 2021, jourral entry fot the paichase of the irsurance (Credit account tities are autometionty indented when amount is entered. Do not indent monualix If no entry is requirnd, select "No Entry" for the occount bife and enter 0 for the amounts) Calculate the amount of insurance that expired during 2021 and the unexpirsd cost ar December 31.2021 : Prepare the adjusting entry required at December 31.2021. Fredit ascount titer are outomatlcaly indental when amoumt it entowe

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