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Prepare adjusting entries as of December 3 1 of the current year for the following transactions. Note: If no entry is required for a transaction

Prepare adjusting entries as of December 31 of the current year for the following transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Collected $2,600 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1.
Purchased a machine for $50,000 cash on January 1. The company estimates annual depreciation at $3,400.
Paid $3,700 for a two-year insurance premium on July 1 of the current year; debited Prepaid Insurance for that amount on July 1.

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