X Company prepares annual financial statements. On May 1, 2019, the Company paid $66,000 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, $66,000; Insurance expense, $0 Prepaid Insurance, $22,000; Insurance expense, $44,000 Prepaid Insurance, $44,000; Insurance expense, $22,000 Prepaid Insurance, $0; Insurance expense, $66,000 Prepaid Insurance, $8,250; Insurance expense, $57,750 Prepaid Insurance, $57,750; Insurance expense, $8,250