1. For each of the following transactions: (1) Identify the type of adjustment that is required (2) Determine the amount of the adjustment (3) Record the adjusting entry necessary at year-end December 31, 2020. a. The company collected $1,000 rent for the period December 1, 2020, to April 1, 2021, which was credited to Unearned Rent Revenue on December 1, 2020. b. The company paid $4,320 for a two-year insurance premium on July 1, 2020; it debited Prepaid Insurance for that amount. c. The company purchased a machine for $30,000 cash on January 1,2017 . The company estimates annual depreciation at $3,000. d. The company estimated its electric bill for December to be $360. The actual bill will not be received or paid until January 2021. e. The company owes wages to 10 employees who each worked four days at $150 per day at the end of December. The company will pay employees at the end of the first week of January 2021. f. On September 1,2020 , the company loaned $5,000 to an officer of the company who will repay the loan principal plus $700 interest (14\%) on August 31, 2021 (a one-year note)