Current Attempt in Progress On July 1, 2022, Cullumber Co. pays $15,360 to Pharoah Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Cullumber Co., enter the July 1 transaction and the December 31 adjustment in the tabular summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Cash Prepd. Ins. Com. Stock Jul. 1 Dec. 31 Adj. Bal. + Stockholders' Equity Com. Stock + Rev. Exp. (Ins.) Div