Question 9 (5 points) Knox Inc. began its operations on January 1, 2020. The following information is available for Knox for the year ended December 31, 2020: a) Knox paid $60,000 for a two-year fire insurance policy for its corporate headquarters building on April 30, 2020. The policy went into effect on May 1, 2020. When the policy was purchased, Knox debited Prepaid Insurance. b) Knox owns an investment which earns interest of $1,500 per month. Knox receives this interest on a semi-annual basis on January 31 and July 31 of each year. Prepare the appropriate adjusting journal entries (if any is needed) for (a) and (b) above and note whether Knox would reverse either (a) or (b).