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For each separate case 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 1 to step 2. Assume no other adjusting entries are made during the year. b. Prepaid insurance. The Prepald Insurance account has a $7,490 debit balance at the start of the year. A review of insurance policios shows $1,680 of Insurance has expired by year-end. 5828 c. Prepald Rent. On September 1 of the current year, the company prepaid $43,200 for two years of rent for facilities being occupled that day. The company debited Propaid Rent and credited Cash for $43,200. \begin{tabular}{|l|l|l|} \hline & & \\ \hline Step 1: Determine what the current account balance equais. & & \\ \hline & & \\ \hline Step 2: Determine what the current account balance should equal. & & \\ \hline & & \\ \hline Step 3: Record the Decernber 31 adjusting entry to get from step 1 to step 2 & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} policies shows $1,680 of insurance has expired by year-end