D Required information E4-5 (Algo) Recording Adjusting Entries and Reporting Balances in Financial Statements 104-1, 4-2 [The following information applies to the questions displayed below) ArT Wilamon Company is making adjusting entries for the year ended December 1 of the current years in developing Information for the adjusting entries, the accountant learned the following A two year insurance premium of 55,520 was paid on October of the current year for covetage beginning on that date. The bookkeeper debited the full amount to Prepaid insurance on October n. At December 31 of the current you the following data relating to Shipping Supplies were obtained from the records and supporting documents Shipping supplies on hand. January 1 of the current year Purchases of shipping supplies during the current year Shipping supplies on hand, counted on December of the current year $12.00 70,00 14,50 E4-5 Part 3 3. What amount should be reported on the current year's income statement for insurance Expense? For Shipping Supplies Expense? (Do not round Intermediate calculations) trance expense Shpongolesente $ of 10