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this second problem is what i need help on thank you Current...

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Accounting

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Current Attempt in Progress The premium on a 3-year insurance policy expiring on December 31, year 3, was paid in total on January 1, year 1. Assuming that the original payment was recorded as a prepaid asset, how would total assets and stockholders equity be affected during year 3? Total assets would decrease and stockholders' equity would increase. Neither total assets nor stockholders' equity would change. Both total assets and stockholders' equity would decrease. O Both total assets and stockholders' equity would increase. The failure of financial reports to provide information on customer satisfaction indexes, reject rates, and company sustainability efforts describes the financial reporting challenge of Understandability Forward-looking information Nonfinancial measurements. Soft assets

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