For the following, prepare a correcting entry, showing your work. Your final answer must be ONE journal entry. If a problem asks for impact to the financial statements, you must address Revenue/Expense, Net Income, and Assets/Liabilities. 1. On February 28, your company takes out a 2-year insurance policy that has a $3,000 annual premium. The entire amount is paid when the policy is taken out and is recorded in Prepaid Insurance. In the same year the policy is taken out, you notice the adjusting entry debits Insurance Expense and credits Prepaid Insurance for $1500. What is your correcting entry? If the correcting entry is not made, what is the impact to the financial statements