machine. On January $5,$ O Connor paid cash for installation costs relating to the machine amounting to $$3,600.$ On December $31($the end of the accounting period$),$ O'Connor recorded depreciation on the machine using the straight$-$line method with an estimated useful life of $10$ years and an estimated residual value of $$6,400.$

Required:

Indicate the effects $($accounts$,$ amounts, and $+$ for increase, $-$ for decrease$)$ of each transaction $($on January $1,2,3,$ and $5)$ on the accounting equation.

Compute the acquisition cost of the machine.

Compute the depreciation expense to be reported for the first year.

What should be the book value of the machine at the end of the second year?

Complete this question by entering your answers in the tabs below.

Required $2$

Required $4$

Indicate the effects $($accounts$,$ amounts, and $+$ for increase, $-$ for decrease$)$ of each transaction $($on January $1,2,3,$ and $5)$ on the accounting equation. minus sign.$)$

$\backslash$table$[[$Date$,$Assets,,$=,$Liabilities,$+,$Stockholders' Eq$],[$January $1,,,=,,+,],[$January $2,,60,000,=,$Notes Payable $($long$-$term$),+,],[$January $2,,,=,,+,],[$January $3,,,=,,+,],[$January $3,,,=,,+,],[$January $5,,,=,,+,],[$January $5,,0,=,,+1,]]$machine$.$ On January $5,$ O Connor paid cash for installation costs relating to the machine amounting to $$3,600.$ On December $31($the end of the accounting period$),$ O'Connor recorded depreciation on the machine using the straight$-$line method with an estimated useful life of $10$ years and an estimated residual value of $$6,400.$

Required:

Indicate the effects $($accounts$,$ amounts, and $+$ for increase, $-$ for decrease$)$ of each transaction $($on January $1,2,3,$ and $5)$ on the accounting equation.

Compute the acquisition cost of the machine.

Compute the depreciation expense to be reported for the first year.

What should be the book value of the machine at the end of the second year?

Complete this question by entering your answers in the tabs below.

Required $2$

Required $4$

Indicate the effects $($accounts$,$ amounts, and $+$ for increase, $-$ for decrease$)$ of each transaction $($on January $1,2,3,$ and $5)$ on the accounting equation. minus sign.$)$

$\backslash$table$[[$Date$,$Assets,,$=,$Liabilities,$+,$Stockholders' Eq$],[$January $1,,,=,,+,],[$January $2,,60,000,=,$Notes Payable $($long$-$term$),+,],[$January $2,,,=,,+,],[$January $3,,,=,,+,],[$January $3,,,=,,+,],[$January $5,,,=,,+,],[$January $5,,0,=,,+1,]]$