A company has a fiscal year-end of December 31: (1) on October 1, $25,000 was paid for a one-year fire insurance policy; (2) on June 30 the company loaned its chief financial officer $23,000; principal and interest at 5% on the note are due in one year; and (3) equipment costing $73,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $14,600 per year. Prepare the necessary adjusting entries at December 31 for each of the above items. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. View transaction list Journal entry worksheet > 1 2 3 On June 30 the company loaned its chief financial officer $23,000; principal and interest at 5% are due in one year. Prepare the necessary adjusting entry on December 31. >