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 $31,000 cash. Estimated useful life is six years and salvage value is $7,440. January 2 Paid $6,200 cash to install automated controls on equipment. This betterment did not impact useful life or salvage value. August 15 Paid $250 cash for minor repair costs to equipment