OConnor Company ordered a machine on January 1 at a purchase price of 530,000,0 on the date of delivery. January 2 , the company pald $8,000 on the machine and sioned a lonoterm note payable for the hatance. On January 3 , it paid 5300 for freight on the machine. On January 5, OConnor paid cash for instaliation costs relating to the machine amounting to $1,800. On December 31 (the end of the accounting period, OrConnor recorded depreciation on the machine us ing the stroight, line method with an enstimated us ofuit ife of 10 years and an estimated residual value of $3,200 Ficatired: accounting equation. 2. Compute the seciatsition cost of the mactino 3. Compute the depreclation expense to be regorted for the first yeit 4. What should be the bouk value of the machine at the end of the second year? Complete this question by entering your answers in the tabs below. OrConnor Company ordered a machine on January 1 at a purchase price of $30,000, On the date of delivery, January 2 , the company paid $8,000 on the machine and signed a long-term note payable for the balance. On January 3 , it paid $300 for freight on the machine. On January 5, OConnor paid cash for installntion costs relating to the machine amounting to $1,800,0. December 31 (the end of the accounting period), OConhor fecorded 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. Pequired 1. Indicote the effects (accounts, amounts, and + for increase, - for decrease) of each transaction (on January 1,2,3, and 5 ) on the accounting equation: 2. Compute the acquistition cost of the machine. 3. Compute the depreciation expense to be reported for the first year. 4. What should be the book value of the machirse at the end of the second year? Complete this question by entering your answers in the tabs below. Compute the acguisition cast of the machine. O'Connor Company ordered a machine on January 1 at a purchase price of $30 paid $8,000 on the machine and signed a long-term note payable for the balanc machine. On January 5, O'Connor paid cash for installation costs relating to the end of the accounting period), O'Connor recorded depreciation on the machine useful life of 10 years and an estimated residual value of $3,200. Required: 1. Indicate the effects (accounts, amounts, and + for increase, - for decrease) of accounting equation. 2. Compute the acquisition cost of the machine. 3. Compute the depreciation expense to be reported for the first year. 4. 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. Compute the depreciation expense to be reported for the first year. (Do not round inte O'Connor Company ordered a machine on January 1 at a purchase price of $30,000. Or paid $8,000 on the machine and signed a long-term note payable for the balance. On J machine. On January 5, O'Connor paid cash for installation costs relating to the machine end of the accounting period), O'Connor recorded depreciation on the machine using th useful life of 10 years and an estimated residual value of $3,200. Required: 1. Indicate the effects (accounts, amounts, and + for increase, - for decrease) of each tra accounting equation. 2. Compute the acquisition cost of the machine. 3. Compute the depreciation expense to be reported for the first year. 4. 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. What should be the book value of the machine at the end of the second year? (Do not round in