On June 30th 2020, Villa Company paid the premium in advance of $4,800 for a two-year fire insurance policy on machinery. At that time, the full amount paid was recorded as prepaid insurance, insurance premium payments are due at the beginning of each month. On December 31, 2020, the end of the accounting year, an adjusting entry was required. Give both the June 30th and December 31st 2020 journal entries, assume no other entries were made between June 30th and December 31st: