signment (Fixed) Help Save Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate complet Retu Midwest Manufacturing purchased a three-year insurance policy for $30,300 on January 2, 2018 Required: 1. Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2018. December 31, 2018 and December 31, 2019. 2. Prepare the T-accounts for Prepaid Insurance, Insurance Expense, Cash and Retained Earnings. Assume the January 2, 2018 balances in these accounts were $0, SO. S91,000, and $81.000, respectively. 3-0. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the balance sheet prepared on December 31, 2018, and December 31, 2019 3-b. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the income statement prepared on December 31, 2018. and December 31, 2019. * Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the T-accounts for Prepaid Insurance, Insurance Expense, Cash, and Retained Earnings. Assume the January 2, 2018, balances in these accounts were $0, $0, $91,000, and $81,000, respectively. (Post the transactions in the order of the journal entries answered in requirement 1.) Prepaid Insurance Insurance Expense 1/2/18 1/2/18 12/31/18 0 12/31/ 18 0 12/31/19 0 12/31/19 Cash Retained Earnings 1/2/18 12/18 12/31/18 12/31/18 0 Ch 12/31/18 12/31/ 180 12/31/19 12/31/19 Clash Retained Earnings 1/2/18 1/2/18 12/31/18 12/31/ 180 12/31/19 12/31/19 Reg 1 Req3a >