[The following information applies to the questions displayed below) On April 30, 2016. Rudolph Inc. purchased a three-year insurance policy with a cash payment of $ 19,800. 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, 2016? 2016 Insurance Expense: 2. What is the amount of Prepaid Insurance relating to this insurance policy that will be reported on the December 31, 2016 Balance Sheet? Dec 31, 2016 Prepaid Insurance Balance