An analysis of the company's insurance policies provided the following facts.

Policy                     Date of Purchase                    Months of Coverage                        Cost

A                                    April 1, 2013                                  24                                                    $ 14,400  

B                                   April 1, 2014                                   36                                                     12,960  

C                                   August 1, 2015                               12                                                     2,400  

The  total premium for each policy was paid in full (for all months) at the  purchase date, and the Prepaid Insurance account was debited for the  full cost. (Year-end adjusting entries for Prepaid Insurance were  properly recorded in all prior years.)