Return Exercise 3-1 Determining assets and expenses for accrual and cash accounting LO C2 On August 1, 2015, a company paid an $20,700 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table. Answer is complete but not entirely correct. Balance Sheet Prepaid Insurance Accrual Basis $ 19,550 12,650 5,750 0 Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018 Cash Basis $ 0 0 0 0 Income Statement Insurance Expense Accrual Cash Basis Basis 2015S 1,150 $ 20,700 2016 6,900 2017 6,900 2018 5,750X Total $ 20,700 S 20,700 0 0 o