On March 1 , a business paid $5,040 for a 12 -month liability insurance policy. On April 1 , the business entered into a 2 -year rental contract for equipment at a total cost of $25,800. a. Determine the insurance expense for the month of March. $ b. Determine the balance of prepaid insurance as of March 31 . $ c. Determine the equipment rent expense for the month of April. $ d. Determine the balance of prepaid equipment rental as of April 30