Question 3. (Teacher's note: For scoring purposes, each part counts one point, as if it were a separate question.) Assume the company uses a December 31 fiscal year end. Part a. The company bought a three-year insurance policy on July 1 of this year. The company debited the entire amount into Insurance Expense. Paid insurance on July 1, and debited it all into Insurance Expense 15,900 Part b. Depreciation on equipment totaled this much for the year. Depreciation on equipment for the year was 14,000 Part c. early next month. Employee salaries were earned this month, but will not be paid until Employee salaries earned this month, but will not be paid until early next month 19,350 I Part d. The company received rent from another company that is renting space from this company. This company is not using all its space, so it is renting part of its space to that other company. This month, the company received rent covering this month only from a tenant who is renting space from the company 1,000