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 Assets Account Amount Liabilities Account Amount Owners' Equity Account Amount March 1, 2015 Dec. 31, 2015 (Adjustment) Indicate what would be reported in each statement on Dec. 31, 2015: Income Statement Name of account Amount Balance Sheet Name of account Amount