On October 1 of Year 1 Wilburn Company paid cash for an insurance policy that would provide protection for a one year term. Which of the following shows how the required adjusting entry on December 31, Year 1 will affect Wilburn's financial statements? Statement of Cash Flows II Assets NA Balance Sheet Liab. + NA + Equity NA Income Statement Exp. Net Inc. NA NA + NA A. Rev. NA NA NA NA NA B. NA 111 NA C. +31+ NA + + + - - D. NA NA NA + = Multiple Choice Option A Option B Option C Option D