During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $22,000. On the date of delivery, January 2, the company paid $10,000 on the machine, with the balance on credit at 11 percent interest due in six months. On January 3, it paid $1,000 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $3,000. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,200. Required: 1. Indicate the effects of each transaction on the accounting equation. (Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the first column under "Assets".) Date January 1 Assets No effect Answer is not complete. Liabilities No effect Stockholders' Equity No effect January Equipment 22,000 Short term note payable 12,000 No effect 2 Cash (10,000) ( January Equipment 1,000 No effect 3 Cash (1,000) January Equipment 3,000 5 Cash (3,000) July 1 Cash (12,660) Interest expense