5) Proper handling of the end of year adjustments is necessary to prepare accurate financial statements that reflect the farm business's financial activities for the fiscal year. This can be accomplished by preparing the correct journal entries and postings to the ledger. For the following four scenarios, provide the correct journal entries. Assume the fiscal year ends on December 31. (24 points) 5.1) Victor E Farms began the year with $45,000 of Feed Inventory Purchased for Use. On December 31 , they had $50,000 of Feed Inventory Purchased for Use. 5.2) Victor E Farms began the year with $70,000 of Crop Inventory Raised for Sale. On December 31, they had $30,000 of Crop Inventory Raised for Sale. 5.3) Victor E Farms determined that they owe $5,700 in income taxes at the end of the year. They will not pay the taxes before December 31 . They did not owe any income taxes at the beginning of the year. 5.4) Victor E Farms purchased a one-year insurance policy on July 1 for 2,400 . They had $600 in prepaid insurance at the beginning of the year. To answer this problem correctly you will first need to determine the unused portion of the insurance policy to calculate the end-of-year (EOY) value for prepaid expenses