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Long$-$tived ASSETS $($last one$)6$

Required Information

$[$The following infornation applles to the questions clisplayed below$]$

On January $2,$ Summers Company received a machine that the company had ordered with an Imvolce price of $$92,000$ Frelght costs of $$710$ were pald by the vendor per the sales agreement. The company exchanged the following on January $2$ to acquire the machine:

a$.$ ksued $2,100$ shares of Summers Company common stock, par value $$1($market value, $$3\mathrm{.}50$ per share$).$

b$.$ Signed a note payable for $$57,000$ with an $12\mathrm{.}5$ percent interest rate $($Frincipal plus interest are due April $1$ of the current yeark.

c$.$ The balance of the involce price was on account with the wendor, to be paid in cash by January $12.$

On January $3,$ Summers Company pald $$1,700$ cash for installation costs to prepare the machine for use.

On January $12,$ summers Company pald the balance due on its accounts payable to the vendor.

$3.$ Indicate the effects of the purchase and subsequent cash payment on the accounting equation. Note: Enter decreases to account categorles as neglative amounts.

$\backslash$table$[[$Date$,,,=,$Llablitiles,$+,$Stockholders' E$,],[\backslash$table$[[$January$],[02]],$Equipment,$92,000,=,$Notes payable,$+,$Common stock,$2,100],[\backslash$table$[[$January$],[02]],,,=,,+,$Additional paid$-$in$-$capital,$],[\backslash$table$[[$January$],[03]],$Equipment,,$=,,+,,],[\backslash$table$[[$January$],[03]],$Cash,,$=,,+,,],[\backslash$table$[[$January$],[12]],,,=,$Accounts payabte,$+,,],[\backslash$table$[[$January$],[12]],$Cash,,$=,,+,,]]$