Check my work O'Connor Company ordered a machine on January 1 at a purchase price of $65,000. On the date of delivery, January 2, the company paid $16,000 on the machine and signed a long-term note payable for the balance, On January 3, it paid $700 for freight on the machine. On January 5, O'Connor paid cash for installation costs relating to the machine amounting to $3,900. On December 31 (the end of the accounting period), O'Connor recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $7,000 Required: 1. Indicate the effects (accounts, amounts, and + for increase, - for decrease) of each transaction (on January 1, 2, 3, and 5) on the accounting equation 2. Compute the acquisition cost of the machine. 3. Compute the depreciation expense to be reported for the first year 4. What should be the book value of the machine at the end of the second year? Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Indicate the effects (accounts, amounts, and + for increase, - for decrease) of each transaction (on January 1, 2, 3, and 5) on the account minus sign.) Date Assets Liabilities January 1 January 2 January 2 January 3 January 3 January 5 January 5 (Required Required 2 > eported for the first year hine at the end of the second year? o answers in the tabs below. ok equired 4 + for increase,- for decrease) of each transaction (on January 1, 2, 3, and 5) on the accounting equation. (Enter any decreases to account ces Liabilities stockholders' Equity Required 2 > dan Book 2. Compute the acquisition cost of the machine. 3. Compute the depreciation expense to be reported for the first year, 4. What should be the book value of the machine at the end of the second year? Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Required 3 Required 4 Compute the acquisition cost of the machine. Acquisition Cout Mc JUI lance On January paid 5200 for freight January 5, O'Connor paid cash for installation costs relating to the machine amounting to $3.900.On December 31 (the end of the accounting period). O'Connor recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $7.000 3:33 points Skinced Required: 1. Indicate the effects (accounts, amounts, and + for increase. - for decrease) of each transaction (on January 1, 2, 3 and 5) on the accounting equation 2. Compute the acquisition cost of the machine, 3. Compute the depreciation expense to be reported for the first year 4. What should be the book value of the machine at the end of the second year? Hint Complete this question by entering your answers in the tabs below. References Required 3 Required 1 Required 2 Required 4 Compute the depreciation expense to be reported for the first year. (Donat round Intermediate calculation) Direction Experie eported for the first year hine at the end of the second year? o answers in the tabs below. ok equired 4 + for increase,- for decrease) of each transaction (on January 1, 2, 3, and 5) on the accounting equation. (Enter any decreases to account ces Liabilities stockholders' Equity Required 2 > dan Book 2. Compute the acquisition cost of the machine. 3. Compute the depreciation expense to be reported for the first year, 4. What should be the book value of the machine at the end of the second year? Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Required 3 Required 4 Compute the acquisition cost of the machine. Acquisition Cout Mc JUI lance On January paid 5200 for freight January 5, O'Connor paid cash for installation costs relating to the machine amounting to $3.900.On December 31 (the end of the accounting period). O'Connor recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $7.000 3:33 points Skinced Required: 1. Indicate the effects (accounts, amounts, and + for increase. - for decrease) of each transaction (on January 1, 2, 3 and 5) on the accounting equation 2. Compute the acquisition cost of the machine, 3. Compute the depreciation expense to be reported for the first year 4. What should be the book value of the machine at the end of the second year? Hint Complete this question by entering your answers in the tabs below. References Required 3 Required 1 Required 2 Required 4 Compute the depreciation expense to be reported for the first year. (Donat round Intermediate calculation) Direction Experie