Required information E4-5 (Algo) Recording Adjusting Entries and Reporting Balances in Financial Statements L04-1, 4-2 (The following information applies to the questions displayed below) A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing Information for the adjusting entries, the accountant learned the following: a. A two-year Insurance premium of $5,520 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid insurance on October 1 b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents Shipping supplies on hand, January 1 of the current year Purchases of shipping supplies during the current year Shipping Supplies on hand, counted on December 31 of the current year $ 12,000 70,000 114,500 E4-5 Part 4 4. What amount should be reported on the current year's balance sheet for Prepaid Insurance? For Shipping Supplies? (Do not round Intermediate calculations.) Prepaid insurance Shipping supplies