X Company prepares annual financial statements. On May 1, 2019, the Company paid $57,000 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, $57,000; Insurance expense, $0 Prepaid Insurance, $19,000; Insurance expense, $38,000 Prepaid Insurance, $38,000; Insurance expense, $19,000 Prepaid Insurance, $0; Insurance expense, $57,000 Prepaid Insurance, $49,875; Insurance expense, $7,125 Prepaid Insurance, $7,125; Insurance expense, $49,875