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A review of the ledger of Kingbird, Inc at December 31,2022, produces the following data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $17,936. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on July 1,2021 , for $11,328. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on January 1,2022 , for $8,496. This policy has a term of 2 years. 2. Unearned Rent Revenue $506,220. The company began subleasing office space in its new building on November 1, 2022. At December 31 , the company had the following rental contracts that are paid in full for the entire term of the lease. 3. Notes Payable $47,200. This balance consists of a note for 6 months at an annual interest rate of 9%, dated November 1 . Interest will be paid at note maturity. 4. Salaries and Wages Payable \$0. There are 8 salaried employees. Salaries are paid every Monday for the current week. 5 employees receive a salary of $708 each per week, and 3 employees earn $845 each per week. Assume December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December. Prepare the adjusting entries at December 31, 2022. (Credit account titles are automatically ifidented when the amount is entered. Do not indent manually.)

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