In each of the following transactions (a) through (c) for Romney's Marketing Company, use the three-step process given below to record the adjusting entry at year-end December 31, 2015. Indicate the amounts and direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Indicate + for increase, - for decrease. Collected $1,600 rent for the period December 1, 2015, to April 1, 2016, which was credited to Unearned Rent Revenue on December 1, 2015. Purchased a machine for $37,000 cash on January 1, 2011. The company estimates annual depreciation at $4,300. Paid $4,100 for a two-year insurance premium on July 1, 2015; debited Prepaid Insurance for that amount