For each of the following transactions (a) through (c) for Catenas Marketing Company, prepare the adjusting entry at the end of the current year, December 31. The process includes (1) determining if revenue was earned or an expense was incurred and (2) determining whether cash was received or paid in the past or will be received or paid in the future. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Collected $1,400 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1. Purchased a machine for $52,000 cash on January 1. The company estimates annual depreciation at $4,300. Paid $3,400 for a two-year insurance premium on July 1 of the current year; debited Prepaid Insurance for that amount.