Purchased office equipment for $17,000 from Office Outfitters; issued a two-month, 12 percent note in payment. The equipment is estimated…

Purchased office equipment for $17,000 from Office Outfitters; issued a two-month, 12 percent note in payment. The equipment is estimated to have a useful life of six years and a $1,160 salvage value. The equipment will be depreciated using the straight-line method.