Requlred Information Exercise 5-21 (Algo) Prepaid expenses-insurance LO 5-10 [The following information applies to the questions displayed below.] A company makes the payment of a one-year insurance premium of $3,120 on April 1, 2022. xerclse 5-21 (Algo) Part c Calculate the amount of prepaid insurance that should be reported on the December 31,2022 , balance sheet with respect to this olicy. Requlred Information Exercise 5-21 (Algo) Prepaid expenses-insurance LO 5-10 [The following information applies to the questions displayed below.] A company makes the payment of a one-year insurance premium of $3,120 on April 1, 2022. xerclse 5-21 (Algo) Part d If the premium had been $6,240 for a two-year period, how should the prepaid amount at December 31,2022 , be reported on the alance sheet