The following events apply to Jason's Lawn Service for Year 1.1) Issued stock for $14,000 cash2) On January 1, paid $12,000 cash for equipment that has an estimated life of five years and a salvage value of $2,0003) On May 1, issued a $3,000, 5% 3-year note to a local bank4) Performed services of $18,400 and received cash5) Paid $15,000 of operating expenses6a) Adjusted the records to recognize expense associated with use of the equipment during Year 16b) Adjusted the records to recognize interest expense for Year 1Required: Record the effects of the above events under the appropriate account headings in the accounting formula below. 
What will be an ideal response?
6a) Depreciation expense = (Cost of $12,000 ? Salvage value of $2,000) ÷ Useful life of five years = $2,000
6b) Interest expense = Principal of $3,000 × 5% × 8/12 = $100
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