Question Help Braun Corp. purchased a service vehicle liability policy in July, 2017 and paid a five -year premium for $800,000. It was recorded as Insurance Expense. The error was discovered late in 2017 when the accountants were reconciling 2017 for adjusting entries. What is the proper entry to correct the errors in 2017 if the tax rate for all years is 35%? A. No entry needed because it will self-correct in two more years. B. Prepaid insurance Prepaid Income Taxes Retained Earnings 560,000 196,000 756,000 C. Prepaid Insurance (End 2017) Income Taxes Payable Retained Earnings 400,000 160,000 240,000 O D. Prepaid Insurance (End 2017) Insurance Expense 720,000 720,000