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On March fixtures and equipment were purchased for $4,000 with a downpayment of $1,000 plus a $3,000 note payable in one year. Interest of 4.5%
On March fixtures and equipment were purchased for $4,000 with a downpayment of $1,000 plus a $3,000 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 10 years with no expected salvage value. Depreciation on the fixtures and equipment is computed on a straight-line basis
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