Question 2: The following information was available from the Chelsea Company's records during 2018: The Prepaid Insurance account balance showed 3 insurance policies. The breakdown of this balance is as follows: . First policy for $ 2400 (represents a one-year policy that starts 1 January 2018) Second policy for $ 2400 (represents a three-year policy that starts on 31 December 2018) Third policy for $ 2400 (represents a five-year policy that starts on 1 November 2018) Required 1- Prepare the adjusting entries for the 3 policies on 31 December 2018 2- Show how Prepaid insurance and Insurance expense will be presented in the financial statements on 31/12/2018