Your answer is correct. If the amount in the Depreciation Expense account is the depreciation for the month of January when was the equipment purchased? Assume that there have been no purchases or sales of equipment since this original purchase and that Swifty uses the straight-line method of depreciation. (Hint: Use the monthly depreciation and accumulated depreciation amounts to determine how many months the equipment has been depreciated.} (c) The equipment was purchased at the beginning of January 2022 eTextbook and Media Your answer is partially correct. A Attempts: 1 of 5 used If the amount in Insurance Expense is the amount of the adjusting entry for the month of January and the original insurance premium was for one year, what was the total premium (amount paid for the policy) and when was the policy purchased? (Hint: Use the prepaid insurance amount at January 31 and monthly insurance expense to determine how many months of insurance coverage remain. Once you know that, you can work backward to determine the total amount paid for the policy and when.) The total premium The policy was purchased on May 1