Part B Juta plc publishes magazines. On 1 October 20X5, it paid 2 400 for an insurance policy for a 12- month period, from 1 October 20X5 to 30 September 20X6. On 1 October 20X6, it paid 3 000 for an insurance policy for a 12-month period, from 1 October 20X6 to 30 September 20x7. The financial year end of Juta plc is 31 December. Required: a) Prepare the journal entry to be recognised on payment of the cash to the insurance company on 1 October 2005. (2 marks) b) Calculate the amount of the expense to be recognised in respect of the insurance policy for the year ended 31 December 20X5 and explain why this is recognised as an expense, justifying your answer using the Conceptual Framework. (4 marks) c) Calculate the amount of the asset or liability to be recognised on the statement of financial position in relation to the insurance policy at 31 December 20X5. (1 mark) d) Calculate the amount of the expense to be recognised in respect of the insurance policy for the year ended 31 December 20X6. (2 marks) (Part B: 9 marks)