Elana's Traveling Veterinary Services, Inc., completed its first year of operations on December 31. All of the year's entries have been recorded except for the following: a. On March 1 of the current year, the company borrowed $61,440 at a 10 percent interest rate to be repaid in five years. b. On the last day of the current year, the company received a $480 utility bill for utilities used in December. The bill will be paid in January of next year. Required: 1. What is the annual reporting period for this company? Annual reporting period to 2. Prepare the required adjusting entry for transactions (a) and (b). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)