Use the information to prepare adjusting entries as of December 31, 2018.

b. An analysis of the company's insurance policies provided the following facts Months of Coverage 24 36 12 Policy Date of Purchase April 1, 2016 April 1, 2017 August 1, 2818 Cost $11,832 10,584 9,432 The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.)