3 HW 7 66 ints Check my work mode: This shows what is correct or incorrect for the work you have completed so On August 1, Year 1, a company paid an $22,500 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table. Answer is complete but not entirely correct. 0000 Balance Sheet Income Statement Prepaid Insurance Insurance Expense Accrual Cash Accrual Basis Basis Basis Cash Basis December 31, Year 1 20,625 S 0Year 1 $ 1,875 $22.500 December 31, Year 2 13,125 0Year 2 7,500 December 31, Year 3 5,625 0Year 3 7,500 0 December 31, Year 4 0Year 4 5,625 Total $ 22,500 $ 22,500