A company has a fiscal year-end of December 31: (1) on October 1, $22,000 was paid for a one-year fire insurance policy; (2) on June 30 the company advanced its chief financial officer $20,000, principal and interest at 6% on the note are due in one year, and (3) equipment costing $70,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $14,000 per year. Prepare the necessary adjusting entries at December 31 for each of the above items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Credit Debit 611 Insurance expense Prepaid insurance 611 600 Interest expense Interest revenue