1. Our company has a Dec. 31, 2020 fiscal year end. Prepare adjusting entries: A. Depreciation on the company's equipment for the year. We bought the equipment for $60,000. It has a 4 year life, and we expect the salvage value to be $20,000. B. We bought a two year insurance policy on Jan. 1,2020 for $4,800. We debited Prepaid insurance. There ha been no adjusting entry for the year. C. Our company borrowed $80,000 at a 4% interest rate on July 1, 2020. No adjusting entry has been made since the July 1 loan date. Our company will pay the interest after the year-end. 2. Prepare the closing entries. For the year, the company has revenues of $70,000, salary expense of $60,000 an paid dividends of $2,000. Date Debit account DR$ Credit account CR $ A. B. C