X Company prepares annual financial statements. On September 1, 2017, X Company paid $60,000 in advance for a two-year insurance policy. After the adjusting entry on December 31, 2017, what will X Company's 2017 financial statements show? Prepaid Insurance, $10,000; Insurance expense, $50,000 Prepaid Insurance, $50,000; Insurance expense, $10,000 Prepaid Insurance, $15,000; Insurance expense, $45,000 Prepaid Insurance, $0; Insurance expense, $60,000 Prepaid Insurance, $60,000; Insurance expense, $0 Prepaid Insurance, $45,000; Insurance expense, $15,000

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