5 art 30 Required information E8-4 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (Straight- Line Depreciation) LO8-2, 8-3 The following information applies to the questions displayed below) During Year 1. Ashkar Company ordered a machine on January at an invoice price of $26.000. On the date of delivery January 2 the company paid $8.000 on the machine, with the balance on credit at 10 percent interest due in six month On January 3, it paid $700 for freight on the machineOn January 5. Ashkar paid installation costs relating to the machine amounting to $2,600. On July 1. the company paid the balance due on the machine plus the interest. On December 31the end of the accounting period). Ashkar recorded depreciation on the machine using the straight line method with an estimated useful life of 10 years and an estimated residual value of $4.800 BOOK ences E8-4 Part 3 3. Compute the depreciation expense to be reported for Year 1 Depreciation experise