X Company prepares annual financial statements. On May 1, 2019, the Company paid $45,000 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? O Prepaid Insurance, $5,625; Insurance expense, $39,375 O Prepaid Insurance, $30,000; Insurance expense, $15,000 O Prepaid Insurance, $0; Insurance expense, $45,000 O Prepaid Insurance, $15,000; Insurance expense, $30,000 O Prepaid Insurance, $39,375; Insurance expense, $5,625 O Prepaid Insurance, $45,000; Insurance expense, $0 Submit Answer Tries 0/99