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1. On December 1, 2018, the company purchased a piece of equipment costing $28,000. paying $4,000 and financing the remainder. The equipment had an expected life of 5 years and a salvage value of $4,000. Interest on the note was at 6% and both principal and interest are due on Feb 28, 2019. Prepare the journal entry to reflect the purchase only. 2./3. What journal entries are required at the end of December, 2018 with regard to the equipment purchased in 1. above. 4. On October 31, 2020, the company decided that the piece of equipment purchased in 1 above would actually last 6 years in total and have a salvage value of $2,000. What journal entry would they make with regard to this piece of equipment for the month of October, 2020? 5. The company paid $6,000 in cash for an insurance premium on December 1, 2018. The premium was for a year