Question: please answer with solution ! Simba Inc. purchased a two year fire insurance policy for $7,200 on July 1, 2014 effective immediately and credited Cash

please answer with solution !

Simba Inc. purchased a two year fire insurance policy for $7,200 on July 1, 2014 effective immediately and credited Cash and debited Insurance Expense for the full amount on July 1, 2014. The Prepaid Insurance had a balance of $6,000 on January 1, 2014 for a previous policy that expired on June 30, 2014. What is the adjusting entry, if any, that is required on December 31, 2014

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