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Date Transaction Amount 1/1/2016 Started business with cash as capital 100,000 2/1/2016 Purchased furniture for cash 20,000 3/1/2016 Paid rent 5,000 The cost of equipments
| Date | Transaction | Amount |
| 1/1/2016 | Started business with cash as capital | 100,000 |
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| 2/1/2016 | Purchased furniture for cash | 20,000 |
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| 3/1/2016 | Paid rent | 5,000 |
The cost of equipments is $ 27,000, its estimated residual value is $2,000, and its estimated life is 5 years.
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