X Company prepares annual financial statements. On September 1, 2019, the Company paid $66,000 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, $49,500; Insurance expense, $16,500 Prepaid Insurance, $66,000; Insurance expense, $0 Prepaid Insurance, $55,000; Insurance expense, $11,000 Prepaid Insurance, $16,500; Insurance expense, $49,500 Prepaid Insurance, $11,000; Insurance expense, $55,000 Prepaid Insurance, $0; Insurance expense, $66,000