The premium on a three-year insurance policy expiring on December 31, year 3, was paid in total on January 1, year 1. The original payment was initially debited to a prepaid asset account. The appropriate journal entry has been recorded on December 31, year 1. The balance in the prepaid asset account on December 31, year 1, should be Zero. O Balance equal to 2 years of insurance premium. O Higher than if the original payment had been debited initially to an expense account. O The same as the original payment.