M4.5 and M4-6 (Algo) [The following information applies to the questions displayed below.) The following are transactions for the Sky Blue Corporation: a Collected $2,700 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $1,440 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount, c. Used a machine purchased on October 1 for $49,200. The company estimates annual depreciation of $4,920. M4-5 (Algo) Determine Accounting Equation Effects of Deferral Adjustments [LO 4-2) Required For each of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at the end of the month on October 31 (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign) Assets Liabilities Stockholders' Equity Transaction Deferred Revenue b. Prepaid Insurance G Equipment 2.700 1.440 49,200 - Depreciation Expense 4.920