In each of the following transactions $($a$)$ through $($c$)$ for Catena's Marketing Company, indicate the effect of the adjusting entry on the elements of the balance sheet and income statement

Note: Reductions in account bolances should be indicated with a minus sign.

a$.$ Collected $$1,200$ 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 $1.$

b$.$ Purchased a machine for $$32,000$ cash on January $1.$ The company estimates annual depreciation at $$3,200.$

c$.$ Paid $$5,000$ for a two$-$year insurance premium on July $1$ of the current year: debited Prepaid Insurance for that amount.

$\backslash$table$[[$Transaction$,$Balance Sheet,,Income Statement,$],[$Assets$,$Liabilities,$\backslash$table$[[$Stockholders$\text{'}],[$Equity$]],$Revenues,Expenses,Net Income$],[,,,,,],[$b$,,,,,,],[$c$,,,,,,]]$