E8-5 Determining Financial Statement Effects of an Asset Acquisition and Depreciation (Straight-Line Depreciation) LO8-2, 8-3 {The following information applies to the questions displayed below) Steve's Outdoor Company purchased a new delivery van on January 1 for $63,000 plus $5,400 in sales tax. The company pald $14.400 cash on the van (including the sales tax), with the $54,000 balance on credit at 9 percent interest due in nine months (on September 30). On January 2, the company paid cash of $700 to have the company name and logo painted on the van On September 30, the company pald the balance due on the van plus the interest. On December 31 (the end of the accounting period), Steve's Outdoor recorded depreciation on the van using the straight-line method with an estimated useful life of 5 years and an estimated residual value of $6,300 E8-5 Part 1 Required: 1. Indicate the effects (accounts, amounts, and + or -) of each transaction on the accounting equation. Use the following schedule of the transaction does not impact the accounting equation choose "No effect" in the first column under "Assets) Stockholders' Equity Assets Liabilities Date January 1 Equipment (Van) Cash January 2 Equipment (Van) Cash September 68.400 (14.400) 700 (700)