X Company prepares annual financial statements. On September 1, 2017, X Company paid $66,000 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? 2 9 $49,500 $11,000 $66,000 $55,000 $16,500 Prepaid Insurance, $16,500; Insurance expense, Prepaid Insurance, $55,000; Insurance expense, Prepaid Insurance, $0; Insurance expense, Prepaid Insurance, $11,000; Insurance expense, Prepaid Insurance, $49,500; Insurance expense, Prepaid Insurance, $66,000; Insurance expense