Close Window Moving to the next question prevents changes to this answer Question 2 Lis On April 1, 2016, the premium on a one-year insurance policy was purchased for $3,000 cash with the insurance coverage beginning on that date. The books are adated only at waren. Which of the wing y describes the effect on the financial statements of the December 31, 2016 adating entry) O Insurance expense wil increase $2,250 lesurance expense will increase $750 Insurance expense will increase $750 Prepaid insurance will increase $2.250