Take me to the text On April 9, 2023, an auditor noticed that VHM Inc. accidentally recorded an insurance expenditure of $53,000 as an expense instead of as prepaid. The purchase was made on the last day of the 2022 fiscal period. Write the journal entry that should be recorded in the 2023 fiscal period to correct the Prepaid insurance account. Assume that the insurance covers the period of May 1, 2023 to April 30, 2024 and the tax rate is 32%. Do not enter dollar signs or commas in the input boxes. Enter the credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit Apr 9 Prepaid Insurance 53000 Income Tax Payable 3000000 Retained Earnings 3000000 x To correct amounts for error recorded in prior fiscal year