Orangemen, Inc. purchased a one-year hazard insurance policy on August 1 and recorded the $4,800 premium payment as prepaid insurance. At its December 31 year-end, Orangemen would record which of the following adjusting entries? Select one: O a Debit Insurance Expense and credit Prepaid Insurance for $1,600 O b. Debit Prepaid Insurance and credit Insurance Expense for $2,800 Oc. Debit Prepaid Insurance and credit Insurance Expense for $2,000 Od Debit Insurance Expense and credit Prepaid Insurance for $2,400 O e Debit Insurance Expense and credit Prepaid Insurance for $2,000