Timer Notes Evaluate Feedback Print X Company prepares annual financial statements. On May 1, 2019, the Company paid $63,000 in advance for a two-year insurance policy. After the adjusting entry on December 31, 2019, what will X Company's 2019 financial statements show? O Prepaid insurance, $63,000; Insurance expense, 50 Prepaid Insurance, $21,000; Insurance expense, $42.000 Prepaid Insurance, 542,000; Insurance expense, $21,000 Prepaid Insurance, $0; Insurance expense, $63,000 Prepaid Insurance. $55,125; Insurance expense. $7,875 Prepaid Insurance, 57,875; Insurance expense,555.125 Submit Answer Incorrect. Tries 1/2 Previous Tres