The MCU Hotel took advantage of a major discount and paid a two-year premium of $24,000 for fire insurance on July 4. 20x6. The insurance converge is for August 1, 20x6, through July 31, 20x8. 1. Provide the journal entry to record the payment of $24,000 Debit Credit Prepaid Insurance Deferred Charges - Insurance Cash 2. How much of the two year premium should be expensed by the end of 20x6? Yearly expense Monthly expense Insurance expense for 20x6 3. How much is shown as prepaid insurance (current asset) at the end of 20x6? Prepaid Insurance at End of 20x6 4. How much is shown as deferred charges - insurance at the end of 20x6? Deferred Charges - Insurance at End of 20x6