You are analyzing the expenses and revenues in 2019 and during the first quarter of 2020 for your company as this is the first year of your companys operations. In the visualization, you focus on insurance expense that is pre-paid at the beginning of every three months (e.g., your company pays the premium on February 1, 2019 for February, March and April) and service contracts signed at the beginning of every month. These service contracts are paid by the clients in advance when signing the contracts and the company will perform the service in the following one or several months depending on the contract. Based on the visualization, please answer the following questions.

What is the total insurance expense recognized for 2019 and total prepaid insurance recognized at the end of 2019?

accrual accounting Measure Names Insurance paid Service agreeme 300,000 50,000 50,000 50,000 50,000 50,000 300K 50K 280,000 280K 45K 260K 240K 40K 220,000 220,000 220K 35K 200,000 200K 180K 30K 180,000 Insurance paid 160K Service agreements signed 160,000 150,000 25K 150,000 140K 130,000 135,000 120K 20K 120,000 100K 100,000 100,000 100,000 15K 80K 10K 60K 40K 5K 20K OK 10 nulls OK January 2019 April 2019 July 2019 October 2019 January 2020