On May 1, 20x0your company takes out a 2-year insurance policy for $2,400 a year and prepays the entire 54,800, recording the amount as an expense. At year-end 20x0, you discover an adjusting entry defers $3.600 of insurance expense. What is the correcting journal entry? No entry needed Prepaid Insurance Insurance Expense 400 400 Insurance Expense Prepaid Insurance 400 400 Insurance Expense Prepaid Insurance 1,200 1,200