Elana's Traveling Veterinary Services, Incorporated, 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 $62,400 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 $560 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? 2. Prepare the required adjusting entry for transactions (a) and (b). Complete this question by entering your answers in the tabs below. What is the annual reporting period for this company? Journal entry worksheet Prepare the adjusting entry needed at December 31 . On March 1 of the current year, the company borrowed $62,400 at a 10 percent interest rate to be repaid in five years. Note: Enter debits before credits. Journal entry worksheet Prepare the adjusting entry needed at December 31 . On the last day of the current year, the company received a $560 utility bill for utilities used in December. The bill will be paid in January of next year. Note: Enter debits before credits