I- Prepayment abc Co. insured its building with xyz Insurance Corporation in the amount of P6,000. This covers the period from March 1, 2021 to March 1, 2022. The accounting period ends on December 31, 2021. Answer the following questions: 1. How much of the insurance premium will expire on December 31, 2021? ___________ 2. How much of the insurance premium will remain in effect after December 31, 2021? __________ Assuming that expense method was used in recording prepayment of insurance premium. 1. What was the journal entry prepared on March 1, 2021 upon payment?

'2. What will be the adjusting entry required on December 31, 2021?

Assuming that asset method was used in recording prepayment of insurance premium. 1. What was the journal entry prepared on March 1, 2021 upon payment?

2. What will be the adjusting entry required on December 31, 2021?