Weisse Bros Co. operates a paper mill in near Grande Prairie. The company's year-end is December 31, 2012. Assume that the financial statements were correctly prepared in prior years. Assume that no interim (e.g. quarterly) financial statements were prepared during the year. b. Prepaid insurance at the beginning of the year was $145,000 and covered the period to April 30, 2012. The insurance policy for the current year runs May 1, 2012 - April 30,2013 and totaled $600,000. The current balance in the prepaid insurance account is $745,000