Required: Using the following information, prepare the necessary Adjusting Entries for Henrys Hotel for the year ended 30 June 2020. A lift to access the upper floors was purchased costing $155,000 with a life of 12 years and expected residual value of $11,000, was purchased 1 February 2020. Depreciation needs to be recorded. Prepaid Insurance of $45,000 was paid on 27th October 2019. Of this $30,000 expired during the year. Cash of $12,200 received in advance for future event services, was recorded as Unearned Services Revenue. By financial year end, 60% of the amount was earned. Rent for three months costing $15,000 was paid for on 1 May 2020 and no adjustments have been made. The $15,000 was originally recorded as Prepaid Rent.