Current Attempt in Progress At the end of its first year, the trial balance of Cullumber Company shows Equipment $23,000 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $2,800. (a 1) Prepare the annual adjusting entry for depreciation at December 31. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31 On July 1, 2022, Blossom Company pays $18,000 to Sunland Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a 1) For Blossom Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit On July 1, 2022, Pharoah Company pays $24,000 to Crane Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a1) Journalize the entry on July 1 and the adjusting entry on December 31 for Crane Company, Crane uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit accourit titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit