X Company prepares annual financial statements. On September 1, 2019, the Company paid $63,000 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, $63,000; Insurance expense, $0 Prepaid Insurance, $10,500; Insurance expense, $52,500 Prepaid Insurance, $52,500; Insurance expense, $10,500 Prepaid Insurance, $0; Insurance expense, $63,000 Prepaid Insurance, $47,250; Insurance expense, $15,750 Prepaid Insurance, $15,750; Insurance expense, $47,250