X Company prepares annual financial statements. On September 1, 2019, the Company paid 548,000 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, $8,000; Insurance expense, $40,000 Prepaid Insurance, $12,000; Insurance expense, $36,000 Prepaid Insurance, $48,000; Insurance expense, $0 Prepaid Insurance, $0; Insurance expense, $48,000 Prepaid Insurance, $36,000; Insurance expense, $12,000 Prepaid Insurance, $40,000; Insurance expense, $8,000 Submit Answer Tries 0/2