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 reported for prepaid insurance and insurance expense in Roro's financial statements for the three months ended March 31, Year 5?\ \ Prepaid insurance Insurance Expense\ Select answer from the options below\ \ $7,000 $500\ \ $7,300 $200\ \ $7,200 $500\ \ $7,000 $300