Exercise 8-16 (Static) Financial statement impact of plant asset transactions LO P1, C3 Analyze each of the following transactions by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each. January 1 Purchased equipment for $25,000 cash. Estimated useful life is six years and salvage value is $6,000. January 2 Paid $5,000 cash to install automated controls on equipment. This betterment did not impact useful life or salvage value. August 15 Paid $200 cash for minor repair costs to equipment. Date Assets Liabilities January 01 January 01 January 02 January 021 August 15 . . Equity