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 $52,000 cash on January 1. The company estimates annual depreciation at $4,700. Paid $4,100 for a two-year insurance premium on July 1 of the current year; debited Prepaid Insurance for that amount on July 1