Analyze each of the following transactions by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each. January 1 Purchased equipment for $28,000 cash. Estimated useful life is six years and salvage value is $6,720. January 2 Paid $5,600 cash to install automated controls on equipment. This betterment did not impact useful life or salvage value. August 15 Paid $220 cash for minor repair costs to equipment. Date January 01 January 01 January 02 January 02 August 15 Assets = = = = Liabilities + + + + + + Equity