BE 2-4 Journal entries LO2-3 Prepare journal entries for each of the following transactions for a company that has a fiscal year end of December 31: (I) on October 1, $12,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $10,000; principal and interest at 6% on the note are due in one year, and (3) equipment costing $60,000 was purchased at the beginning of the year for cash. BE 2-5 Adjusting entries LO2-6 Prepare the necessary adjusting entries at December 31 for each of the items listed in per year. BE 2-4. Depreciation on the equipment is $12.000