M4-5 Determine Accounting Equation Effects of Deferral Adjustments For each of the following transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at the end of the month on October 31: a. Collected $2,400 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $1,200 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 $48,000. The company estimates annual depreciation of $4,800