1 10 points For each separate cose below, follow the three-step process for adjusting the prepaid asset account at December 31 Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step to step 2. Assume no other adjusting entries are made during the year Skipped a. Prepaid Insurance. The Prepaid Insurance account has a 54,700 debit balance to start the year. A review of insurance policies shows that $900 of unexpired insurance remains at year-end. eBook Prepaid Insurance Hint Step 1: Determine what the current account balance equalo 0 Step 2: Determine what the current account balance should equal Print Step 3. Record the December 31 adjusting entry to get from step 1 to step 2 References b. Prepaid Insurance. The Prepaid Insurance account has a $5,890 debit balance at the start of the year. A review of insurance policies shows $1,040 of insurance has expired by year-end. Prepaid Insurance Step 1: Determine what the current account balance equals. 0 Step 2: Determine what the current account balance should equal