The Jessica Co. has the following errors on its books as of December 31, 2018. The books for 2018 have not yet been closed. a. On January 1, 2016, a machine had been purchased for $6,500. The machine had an b. On January 1, 2017, the company bought a four-year insurance policy for $800 and estimated life of five years, but it was expensed in error. Straight-line depreciation with no salvage value should have been used. immediately charged the full premium to expense. Required: Prepare journal entries to correct these errors on December 31, 2018. Ignore income taxes