X Company prepares annual financial statements. On May 1, 2019, the Company paid 548,000 in advance for a two-year insurance policy. After the adjusting entry on December 31, 2019, what will X Company's 2019 financial statements show? Prepaid Insurance, $6,000; Insurance expense, 542,000 Prepaid Insurance, $48,000; Insurance expense, $0 Prepaid Insurance, $16,000; Insurance expense, $32,000 Prepaid Insurance, $0; Insurance expense, $48,000 Prepaid Insurance, $32,000; Insurance expense, $15,000 Prepaid Insurance, $42,000; Insurance expense, $6,000 Submit Answer Tries 0/99