Transaction 8 On March 1, fixtures and equipment were purchased for $5,500 with a downpayment of $1,000 plus a $4,500 note payable in one year. Interest of 6% per year is due when the note is repaid. The estimated life of the fixtures and equipment is 11 years with no expected salvage value. Depreciation on the fixtures and equipment is computed on a straight-line basis. [Note: Record the March 1 equipment purchase first, then the March 31 depreciation adjusting entry, and finally the March 31 interest adjusting entry. Also, round a answers to the nearest cent.] Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Submit Answer Tries 0/7