On July 1, 2017, Ling Co. pays $7,440 to Pina Colada Corp. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Ling Co., enter the July 1 transaction and the December 31 adjustment in the tabular summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

	Assets			=	Liabilities	+	Stockholders Equity
	Cash	-	Prepaid Insurance	=			Com. Stock	+	Rev.		Exp.		Div.
Jul. 1	enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount