4 1 points Return to question On May 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. Balance Sheet Prepaid Insurance Answer is not complete. Accrual Cash Basis Basis December 31, Year 1 S 15,000 December 31, Year 2 December 31, Year 3 December 31, Year 4 0 Income Statement Insurance Expense Accrual Basis Cash Basis 0 1000 Year 1 1,875 $ 22,500 Year 2 7,500 0Year 3 7.500 00 0Year 4 5,625 0 Total $ 22.500 $ 22,500