Brief Exercise 2-11 (Algo) Adjusting entries [LO2-6] A company has a fiscal year-end of December 31: (1) on October 1, $27,000 was paid for a one-year fire insurance policy; (2) on June 30 the company loaned its chief financial officer $25,000; principal and interest at 7% on the note are due in one year; and (3) equipment costing $75,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $15,000 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