X Company prepares annual financial statements. On September 1, 2019, the Company paid $60,000 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? a. Prepaid Insurance, $10,000; Insurance expense, $50,000 b. Prepaid Insurance, $60,000; Insurance expense, $0 c. Prepaid Insurance, $45,000; Insurance expense, $15,000 d. Prepaid Insurance, $15,000; Insurance expense, $45,000 e. Prepaid Insurance, $50,000; Insurance expense, $10,000 f. Prepaid Insurance, $0; Insurance expense, $60,000