For each of the following independent situations, give the journal entries to adjust and correct the books at the end of 2020.

1-Rent on unused space is received on May 1 each year for one year in advance. The Unearned Rent account is reported at $1,720 on the trial balance before adjustments on December 31, 2020. The rent received on May 1, 2020, was 10% higher than the rent received on May l of the previous year.

2. The Prepaid Insurance account is reported at $800 on the December 31, 2020 unadjusted trial balance. Analysis of the insurance coverage reveals that the company has two policies that were acquired at the same premium:

a. Policy A for 3 years was acquired on January 1, 2018.

b. Policy B for 2 years was acquired on January 1, 2020.

3- The company amortizes the cost of patents over a life of 10 years using the straight line method. A patent acquired on January 1, 2017 is reported at $10,500 on the trial balance before adjustments on December 31, 2020.

4- Interest on notes receivable in the amount of $2,000 was not recognized at the end of 2019. This interest was recognized when the notes matured in 2020.

5- The premium on a two year insurance policy acquired at a cost of $1,600 on July 1, 2019 was charged to the Insurance expense account and no adjustment was recorded at the end of 2019.