X Company reported the following balance sheet information for 2019: January December 31 Total $15,136 $18,818 Assets Liabilities 8,369 5,157 4,382 8,339 Paid-in Capital Retained Earnings 2,385 5,322 $15,136 $18,818 Total Equities The following information is for X Company for 2019: $13,990 Equipment, January 1 $18,016 Equipment, December 31 $9,183 Purchases of equipment $3,738 Cost of equipment sold Depreciation expense X Company prepares annual financial statements. On September 1, 2019, the Company paid $54,000 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, $45,000; Insurance expense, $9,000 Prepaid Insurance, $0; Insurance expense, $54,000 Prepaid Insurance, $9,000; Insurance expense, $45,000 Prepaid Insurance, $13,500; Insurance expense, $40,500 Prepaid Insurance, $40,500; Insurance expense, $13,500 Prepaid Insurance, $54,000; Insurance expense, $0