Sbitany Co. purchased an insurance policy on March 1, 2020 for $3,000. At March 31, 2020, the adjusting journal entry to record expiration of this asset included a debit to insurance expense of $250. what would the adjusted balance of prepaid insurance at Dec.31.2020 be: ( assume the insurance is still valid even after Dec.31.2020) Select one: a. $2,500. b. $250 c. $500. d. $3,000