Recording Adjusting Entries and Reporting Balances in Financial Statements

Aubrae Company is making adjusting entries for the year ended December $31,2014.$ In developing information for the adjusting entries, the accountant learned the following:

A two$-$year insurance premium of $$4,800$ was paid on October $1,2014,$ for coverage beginning on that date.

At December $31,2014,$ the following data relating to Shipping Supplies were obtained from the records and supporting documents.

Shipping supplies $on$ hand, January $1,2014,$$$13,000$

Purchases $of$ shipping supplies during $2014,75,000$

Shipping supplies $on$ hand, counted $on$ December $31,2014,20,000$

Required:

Record the adjusting entry for insurance at December $31,2014.$

Record the adjusting entry for supplies at December $31,2014,$ assuming that the purchases of shipping supplies were debited in full to Shipping Supplies.

What amount should be reported on the $2014$ income statement for Insurance Expense? For Shipping Supplies Expense?

What amount should be reported on the December $31,2014,$ balance sheet for Prepaid Insurance? For Shipping Supplies?