1.Equipment costing $20,000 is purchased by paying $5,000 cash and signing a note payable for the remainder. The journal entry should include a

2.On Dec. 15, 2019, Merano Company paid $1,500 cash for a 12-month insurance policy covering calendar year 2020. Merano prepares quarterly financial statements. How much insurance expense should Merano recognize for the first quarter of 2020 (Jan. 1 - March 31)? Enter expense as a positive number.