on march 1, fixtures and equipment were purchased for $5,000 with a downpayment of $1,500 and a $3,500 note, payable in one year. interest of 7% per year was due when the note was repaid. the estimated life of the fixtures and equipment is 11 years with no expected salvage value. [note: record the complete march 1 entry for the equipment purchase first, the complete march 31 depreciation adjusting entry second, and the complete march 31 interest adjusting entry third.]
