Vetermining Financial Statement Effects of Three Adjusting Entry bet 31. the wte the follow niel Company started operations on January 1 of the current year. It is now December 31, the current annual accounting period. The part-time bookkeeper needs your help to analyze the fol three transactions: a. During the year, the company purchased office supplies that cost $3,000. At the end of the year supplies of $800 remained on hand. b. On January 1 of the current year, the company purchased a special machine for cash at a co $25,000. The machine's cost is estimated to depreciate at $2,500 per year. c. On July 1. the company paid cash of $1,000 for a two-year premium on an insurance policy machine; coverage began on July 1 of the current year. Required: Complete the following schedule with the amounts that should be reported for the current year. Selected Balance Sheet Accounts Amount to Be at December 31 Reported Assets Equipment Accumulated depreciation Net book value of equipment Office supplies Prepaid insurance Selected Income Statement Accounts for the Year Ended December 31 Expenses Depreciation expense Office supplies expense Insurance expense