Required information. Exercise 5-19 (Algo) Prepaid expenses-insurance LO 10 [The following information applies to the questions displayed below.] A company makes the payment of a one-year insurance premium of $3,840 on March 1, 2019. Exercise 5-19 (Algo) Part c c. Calculate the amount of prepaid insurance that should be reported on the December 31, 2019, balance sheet with respect to this policy. Prepaid insurance Required information Exercise 5-19 (Algo) Prepaid expenses-insurance LO 10 [The following information applies to the questions displayed below] A company makes the payment of a one-year insurance premium of $3,840 on March 1, 2019. Exercise 5-19 (Algo) Part d d. If the premium had been $7,680 for a two-year period, how should the prepaid amount at December 31, 2019, be reported on the balance sheet? Non-current asset Current asset Required information Exercise 5-19 (Algo) Prepaid expenses-insurance LO 10 [The following information applies to the questions displayed below] A company makes the payment of a one-year insurance premium of $3,840 on March 1, 2019. Exercise 5-19 (Algo) Part e e. Accounting for prepaid expenses achieves a better matching of revenues and expenses and yields a more meaningful measure of net income. True or False True False