On July 1, 2020, Culver Co. pays \$16,080 to Larkspur Insurance Co, for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Culver Co, journalize the entry on July 1 and the adjusting entry on December 31 . (Credit occount titles are autamatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account tides and enter Ofor the amounts. Record joumal entries in the order presented in the problem)