Determining Financial Statement Effects of Activities Related to Variou Long - Lived Assets LAP - During the 2013 annual accounting period , BSP Company completed the following transactions : 2 . On January 1 2013 purchased a patent for $28 060 cash ( estimated useful life , seven years ) . b . On January 1 2013 , purchased the assets ( not detailed ) of another business for $164 090 cash , including $10 060 for goodwill The company assumed no liabilities Goodwill has an indefinite life C . On December 31 , 2013 , constructed a storage shed on land leased from D , Heald The cost was 15 000 . The company uses straight line depreciation The lease will expire in three years . ( Amount spent to enhance leased property are capitalized as intangible assets called Leasehold Improvements . ) 2 . Total expenditures during 2013 for ordinary repairs and maintenance were $5 500 6. On December 31 , 2013 , sold Machine A for 56060 cash Original cost on January 1 2009 , was 525 0 . accumulated depreciation ( Straight line to December 31 2012 was $16 090 ( 35 090 resid wal value and five year useful life ) On December 31 , 2013 , paid $5 060 for a complete reconditioning of Machine B acquired on January 1 2012 Original cost $31 (DO accumulated depreciation ( straight line ) to December 31 2012 , $1 600 ( $7 090 residual value and 15 year useful life ). Required : 1 . For each of these transactions , indicate the accounts amounts , and effects ( - for increase and - for decrease ) on the accounting equation Lise the following structure : Date Asset Idabilities Stockholders Equity 2 . For each of these assets except the assets not detailed in ( b ) compute depreciation and amortization to be recorded at the end of the year on December 3 2013