On January 1st 2021, Century Inc. paid Rent Co. $48,000 for 4 years' worth of rent in advance. Century Inc prepares quarterly financial statements at the end of every March, June, September, and December. Provide the following: January 1st 2021 initial transactional entries (4 pts): December 31st 2021 adjusting entries (4 pts): If Century Inc prepares financial statements only once a year, what would the adjusting entries on Dec 31st 2021? (4pts)