Save & Ext The following information applies to the questions displayed below) Aubrae Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following a. A two year insurance premium of 54,800 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debhede Mamount to Prepeldimance on October b. Al December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents. Shipping supplies on hand, January 1 of the current year Purchases of shipping supplies during the current year Shipping supples on hand, counted on December 31 of the current year $ 16000 66.500 11.500 5. Required into 10.00 points Required 1. Record the adjusting entry for insurance at December 31 of the current year. (Do not round intermediate calculations. I no entry is required for a transaction event, select "No journal entry required in the first account field.) Required: 1. Record the adjusting entry for insurance at December 31 of the current year. (Do not round intermediate calculations. I the first account field.) View transaction list Journal entry worksheet Record the adjusting journal entry related to Shipping Supplies Note Enter debits before credits Transaction Crear Debit General Journal View general ournal Record entry Clear entry 3. What amount should be reported on the current year's income statement for Insurance Expense? For Shipping Supplies Expense? (Do not round Intermediate calculations.) Insurance expense Shipping supplies expense Hints References eBook & Resources Hint 1 Check my work 8. 10.00 points 4. What amount should be reported on the current year's balance sheet for Prepaid Insurance? For shipping Supples? (Do not round Intermediate calculations.) Prepaid insurance Shipping supplies