Exercise $3-22$A $($Algo$)$ Effect of depreciation on the accounting equation and financial statements LO $3-5$

The following events apply to Tracey's Restaurant for the Year $1$ fiscal year:

Started the company when it acquired $$30,000$ cash from the issue of common stock.

Purchased a new cooktop that cost $$29,000$ cash.

Earned $$43,000$ in cash revenue.

Paid $$27,000$ cash for salaries expense.

Paid $$8,100$ cash for operating expenses.

Adjusted the records to reflect the use of the cooktop. The cooktop, purchased on January $1,$ Year $1,$ has an expected useful life of five years and an estimated salvage value of $$2,500.$ Use straight$-$line depreciation. The adjustment was made as of December $31,$ Year $1.$

Required:

a$.$ Record the events in accounts under an accounting equation.

Note: Negative amounts should be indicated by a minus sign.