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. a. Collected \$1,000 rent for the period December 1 of the current year to Aprll 1 of next year, which was credited to Unearned Rent Revenue on December 1 . b. Purchased a machine for $51,000 cash on January 1. The company estimates annual depreclation at $4,200. c. Pald $3,500 for a two-year Insurance premlum on July 1 of the current year, debited Prepald Insurance for that amount on July 1. Journal entry worksheet Prepare the adjusting entry needed at December 31 . Collected $1,000 rent for the period December 1 of the current year to April 1 of next year, which was credited to Uneamed Rent Revenue on December 1. Note: Enter debits before credits