The unadjusted trial balance of Joeys Computer Shop for the fiscal year ended August 31, 2022 has a balance of P51,250 in its Prepaid Insurance account which is composed of the following:

Type Period Covered Premium

Fire September 1, 2019 to August 31, 2024 = P24,000 TPL March 1, 2021 to February 28, 2022 = 12,600 TPL May 31, 2022 to April 1, 2023 = 14,650

Compute for the following: 1.Insurance expense for the fiscal year ended August 31, 2022. 2.Prepaid insurance balance as of August 31, 2022. Kindly show me also the solution for this problem and explanation as well.