ACCT 3110 3. Adjusting entries (15) The following transactions occurred during December 31, 2016, for the Falwell Company 1A three-insurance po year fire insurance policy was purchased on July 1, 2016, for $12,500. The company debited 2.Depreciation on equipment totaled $19,750 for the year. 3.Employee salaries of s15,500 for the month of December will be paid in early January 2017. 4.On November 1, 2016, the company borrowed S170,000 from a bank. The note requires insurance expense for the entire amount. principal and interest at 13% to be paid on April 30, 2017. 5.On December 1, 2016, the company received S5,700 in cash from another company that is renting office space in Falwell's building. The payment, representing rent for December and January, was credited to deferred rent revenue. Prepare the necessary adjusting entries for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded