1. Raamco makes quarterly payments on its trade show equipment rentals. The quarterly payments are due on 15 January; 15 April; 15 July; and 15 October. The company closes its accounting period on 31 December. The quarterly rental payments are $120,000. The trade shows occur on a monthly basis. The accounting period closes on 31 December. Make the journal entries related to this rental on 31 December and 15 January.