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On March 1, fixtures and equipment were purchased for $5,500 with a downpayment of $2,000 plus a $3,500 note payable in one year. Interest of
On March 1, fixtures and equipment were purchased for $5,500 with a downpayment of $2,000 plus a $3,500 note payable in one year. Interest of 4.5% per year is due when the note is repaid. The estimated life of the fixtures and equipment is 12 years with no expected salvage value. Depreciation on the fixtures and equipment is computed on a straight-line basis
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