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[The following information applies to the questions displayed below. On April 30, 2018, Rudolph Inc. purchased a three-year insurance policy with a cash payment of

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[The following information applies to the questions displayed below. On April 30, 2018, Rudolph Inc. purchased a three-year insurance policy with a cash payment of $ 21,600. Coverage began immediately. Required: 1. What is the amount of Insurance Expense relating to this insurance policy that will be reported for the year ended December 31, 2018? 2018 Insurance Expense: 2. What is the amount of Prepaid Insurance relating to this insurance policy that will be reported on the December 31, 2018 Balance Sheet? Dec 31, 2018 Prepaid Insurance Balance

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