X Company prepares annual financial statements. On September 1, 2019, the Company paid $51,000 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, $12,750; Insurance expense, $38,250 Prepaid Insurance, $42,500; Insurance expense, $8,500 Prepaid Insurance, $0; Insurance expense, $51,000 Prepaid Insurance, $8,500; Insurance expense, $42,500 Prepaid Insurance, $38,250; Insurance expense, $12,750 O Prepaid Insurance, $51,000; Insurance expense, $0