D E F G H 1 21) The company previously purchased equipment in a previous accounting period for a cost of $758,164. When purchased, the equipment had an expected life of 22 years. B 4 Describe the effects of this transaction on the accounting equation in terms of debits and credits 5 6 Assets Liabilities 7 8 9 Prepare the appropriate journal entry for this transaction 10 11 12 13 14 Account Name Debit Credit 15 2) The company paid $2 688 for insurance on November 20 for 4 Equity J