Lloyd Christmas, Ltd.'s accounting records reflect the following account balances at January 1,2005 (beginning of the year) Debit Credit Account Equipment Invento Accounts Receivable Buildin Cash Supplies Prepaid Rent Land Unearned Revenues Accounts Payable Accumulated Depreciation Equipment Accumulated Depreciation - Bld Note Pavable Owners' Capital $160,000 $ 95,000 $ 20,000 $120,000 S 150,000 S 12,000 $ 15.000 $100,000 $50,000 $60,000 $30,000 $50,000 $160.000 $322,000 This company uses the perpetual inventory system (therefore, the company records a decrease to inventory and COGS expense for every sale. There were no owner investments or owner withdrawals for the year. Make the following adjustments for the year ended December 31 2005: Example: The company made a sale ofservices on credit. (see table below for entry) 1)The Prepaid Rent for Lloyd Christmas Ltd. was paid on December 31,2004 (the journal entry for the initial prepayment has already been made). The lease was for three years Make the adjustment for the expired rent at December 31, 2005 (for the whole year)