Miller Corporation Problem II For each transaction 1) Prepare the journal entries for the year 2020 2) Prepare the December 31, 2020 year-end adjusting entries necessary for each item or indicate that an adjusting entry is not required. a) On July 1, 2020, a two-year comprehensive insurance policy was purchased for $1.200. b) On December 1, 2020, Miller borrowed $12,000 from its bank. The principal, plus interest computed at a 10% annual rate, is due on June 1, 2021 c) Miller uses the straight-line method to record depreciation on its equipment. The equipment, which cost $12,000 in 2016, has an estimated life of 10 years and no expected residual value. d) On December 1, a customer paid $500 in advance for a service to be performed next year, on January (2021). e) On December 31, $3,750 of employee salaries had accumulated which will be paid next year (2021). D Focus 104