Annual insurance of $5940 ($5400 + $540 GST) was paid at the end of February 2022 for the period March–

February. Monthly accounts are prepared and standing journals are used; balance date is 30 June. The insurance expense account was $3400 before the February payment. Prepare in general journal format the payment at the end of February, a standing journal for March and the relevant general ledger accounts to 30 June 2022. Then complete an extract income statement and balance sheet.