For each of the following transactions use the accounting equation to show the impact on the date of transaction & on Dec. 31, 2015, fiscal year-end, if any. Indicate what would be reported in each statement on Dec. 31, 2015 & how much. (Assume no adjustments were made during the year) Transaction #1: March 1, 2015. We purchased a 1-year insurance policy for $8,400 cash Date March 1, 2015 Assets Liabilities Owners' Equity Account Amount Account Amount Account Amount Dec. 31, 2015 (Adjustment) Indicate what would be reported in each statement on Dec. 31, 2015: Income Statement Balance Sheet Name of account Name of account Amount Amount