eto meducation.com/ext/map/index.html?con conexternal browser-O&launchurl http253A252F%252Flowell umassonline.net 252Fwp25 tarme Ch OB Required of 4 Required information E8-4 (Algo) 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.) During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $29,000. On the date of delivery January 2, the company paid $8,000 on the machine, with the balance on credit at 11 percent interest due in six months. On January 3, it paid $800 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,700. 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. sk nices E8-4 Part 1 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":) Liabilities Stockholders' Equity Assets Date January 1 No effect Short term note payable January 2 Cash Equipment January 3 Cash (8,000) 29,000 (800)