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Preston Corp., a calendar year-end company, purchased a twelve (12) month insurance policy on April 1, 2020, for $2,400. Required: Assuming the April 1 transaction

Preston Corp., a calendar year-end company, purchased a twelve (12) month insurance policy on April 1, 2020, for $2,400. Required: Assuming the April 1 transaction was properly recorded and no adjusting entries related to the policy have occurred since then, prepare the 12/31/20 year-end adjusting entry Preston should make related to this policy. Date Account Name: Debit Credit 12/31/20

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