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Exercise $3-1($Algo$)$ Determining assets and expenses for accrual and cash accounting LO C$1$

On April $1,$ Year $1,$ a company paid an $$14,400$ 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.

$\backslash$table$[[$Balance Sheet,Income Statement$],[$Prepaid Insurance,Insurance Expense$],[,$Accrual Basis,Cash Basis,,Accrual Basis,Cash Basis$],[$December $31,$ Year $1,$$ $10\mathrm{.}800,,$Year $1,$$ $3,600,$$ $14\mathrm{.}400],[$December $31,$ Year $2,4\mathrm{.}800,,$Year $2,4,800,],[$December $31,$ Year $3,1,200,,$Year $3,4,800,],[$December $31,$ Year $4,0,,$Year $4,1,200,],[,,,$Total,$ $14\mathrm{.}400,$$ $14\mathrm{.}400]]$