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Given the following information, record the necessary adjusting entries on December 31,2010. An insurance policy for two years was acquired on April 1,2010 for $8,000.

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Given the following information, record the necessary adjusting entries on December 31,2010. An insurance policy for two years was acquired on April 1,2010 for $8,000. (Hint: amount is $3,000) Rent of $12,000 for six months for a portion of the building was received on November 1,2010. (Hint: amount is $4,000)

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