On July 1,2022 , Cullumber Company pays $16,120 to Crane Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Cullumber Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) eTextbook and Media For Cullumber Company, post the entry on July 1 and the annual adjusting entry on December 31. (Post entries in the order of journal entries presented in the previous part.)