Chapter Assamento Check my w 1 10 O'Connor Company ordered a machine on January at a purchase price of $55.000 on the date of every January 2, the company paid $14.000 on the machine and signed a long term note payable for the balance on May 3. pod 5600 for freight on the machine. On January 5, O'Connor paid cash for instalation costs relating to the machine amounting to $100 On December 31 the end of the accounting period O'Connor recorded depreciation on the machine using the striglie method with an estimated usife of 10 years and an estimated residualue of $5.900 Required: 1. Indicate the effects accounts, amounts, and + for increm. - for decrease of each transaction on wy 1.2.2. and Ston the accounting equation 2. Compute the action cost of the mine 3. Compute the depreciation expense to be reported for the first you 4. What should be the book value of the machine at the end of the second year? Book H Complete this question by entering your answers in the tabe below Red 1 Bredd Reguired Indicate the effects (accounts, amounts, and for increderea och transaction on January 1, 2, 3, and on the WIR minussi use Date Jan 01 Jan 02 03 Jos os Prev 1 of it Next > ME Grow Chapter Assamento Check my w 1 10 O'Connor Company ordered a machine on January at a purchase price of $55.000 on the date of every January 2, the company paid $14.000 on the machine and signed a long term note payable for the balance on May 3. pod 5600 for freight on the machine. On January 5, O'Connor paid cash for instalation costs relating to the machine amounting to $100 On December 31 the end of the accounting period O'Connor recorded depreciation on the machine using the striglie method with an estimated usife of 10 years and an estimated residualue of $5.900 Required: 1. Indicate the effects accounts, amounts, and + for increm. - for decrease of each transaction on wy 1.2.2. and Ston the accounting equation 2. Compute the action cost of the mine 3. Compute the depreciation expense to be reported for the first you 4. What should be the book value of the machine at the end of the second year? Book H Complete this question by entering your answers in the tabe below Red 1 Bredd Reguired Indicate the effects (accounts, amounts, and for increderea och transaction on January 1, 2, 3, and on the WIR minussi use Date Jan 01 Jan 02 03 Jos os Prev 1 of it Next > ME Grow