The following items are independent. Assume that the original transactions have been recorded correctly or as described. Assume a 31 December year-end unless otherwise noted. a. Prepaid insurance had a debit balance of $18,200 at the beginning of January. This represents the remaining 14 months in an insurance policy that was purchased in a prior year. On 1 April of the current year, a 30-month policy was bought for $50,400, which was debited to prepaid insurance. There were no other entries to the prepaid insurance account during the year. On 1 November, an 18-month policy was bought for $9,360. This policy was debited to insurance expense. Required: 1. Prepare adjusting journal entries to reflect the facts above. 2. Prepare reversing entries for adjusting journal entries that must be reversed