Please complete the journal entries

1 On January 1, 2021, ABC purchased a one-year bability insurance policy for $50,000 Upon purchase, the following joumal entry was made: Dr Prepaid insurance 50,000 Cr Cash 50,000 The expired portion of insurance must be recorded as of 12/31/21. Notice that the expired portion from January through November has been recorded already. Make sure that the Prepaid Insurance balance after the adjusting entry is correct. 2 Depreciation expense must be recorded for the month of December. The building was purchased on February 1, 2021 for $500,000 with a remaining useful life of 25 years and a salvage value of $3,000. The method of depreciation for the building is straight-line. The equipment was purchased on February 1, 2021 for $260,000 with a remaining useful life of 4 years and a salvage value of $1,800. The method of depreciation for the equipment is double-declining balance. Depreciation has been recorded for the building and equipment for months February through November