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 balances should be indicated with a minus sign. Collected $3,000 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 $44,000 cash on January 1. The company estimates annual depreciation at $3,400. Paid $4,200 for a two-year insurance premium on July 1 of the current year; debited Prepaid Insurance for that amount.