You have been asigned to examine the financial statements of Jake Corporation for the year ended December 31, 2020, as prepared following IFRS. Jake uses a periodic inventory system. You discover the following situations:

A large piece of equipment was purchased on January 3, 2020, for $65,000 and was charged in error to Repairs and Maintenance Expense. The equipment is estimated to have a service life of ten years and no residual value. Jake normally uses the straight-line depreciation method for this type of equipment.

A $15,000 insurance premium paid on July 1, 2019, for a policy that expires on June 30, 2022, was charged to insurance expense.

Assuming also that all amounts are material, prepare journal entries showing the adjustments that are required. Ignore income tax considerations.