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 yeu 45 Prepaid towaranceThe Propold Insurance contrasto debito start. A review ancesto 500 of unexpired insurance remains attend Prepaid insurance Stop 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 1 to step 2 1. Prepaid Insurance The Prepaid insurance account has 55.090 dobilt bronce the start of the year. A review of insurance policies shows 51,000 of instance has expired by year and Prepaid insurance Step 1 Determine what the current account balance equals Step 2 Deformine what the current account balance should equal Showing Step 1 Determine what the current account balance equals 20 Stop 2 Determine what the current account balance should equal Step 3 Record the December 31, adjusting entry to get from step 1 to step 2 c. Prepaid Renton September 1 of the current year, the company prepaid $24,000 for two years of rent for cities being occupled that day. The company debilted Prepaid Rent and credited Cash for $24,000 Prepaid rent 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 1to step 2