Roro, Inc. paid $$7,200$ to renew its only insurance policy for three years on March $1,$ Year $5,$ the effective date of the policy. At March $31,$ Year $5,$ Roro's unadjusted trial balance showed a balance of $$300$ for prepaid insurance and $$7,200$ for insurance expense.

What amounts should be reportec. ended March $31,$ Year $5?$

Prepaid insurance

Insurance Expense

$$

$$7,000$

$$300$

$$7,000$

$$500$

$$7,200$

$$500$

$$7,300$

$$200$