Preparing Adjusting Journal Entries Baker Corp, which produces fine confections, had the following transactions during the year. 1. Jan. 1 Purchased insurance policy for $3,840 cash that expires on December 31 of next year. 2. Mar. 31 Borrowed $24,000 cash from a bank and signed o one-year note payable, with interest of 7% due at maturity 3. June 30 Purchased equipment for $16,000 cash. The equipment will be depreciated evenly over five years. 4. Dec. 1 A key customer borrows $4,800 cash and signs a 1-year note that requires the customer to pay the loan of $4,800 plus interest of 10% upon maturity. 5. Dec. 15$1,440 cash collected for a performance obligation to be completed in january of next year. Hint: Credit Deferred Revenue when collected. a. Prepare the onginal journal entry for each transaction on the date provided. b. Provide the year-end adjusting journal entry (if applicable) for each situation. b. Provide the 2020 adjusting journal entry (if applicable) for each situation. b. Provide the 2020 adjusting journal entry (if applicable) for each situation