o'Connor company ordered a machine on January 1 at purchase price of 50,000 on the date of delivery January 2 the company pay 13,000 on the machine and signed a long term note payable for the balance. On January 3, it paid 500 for freight on 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 estimated residual oh 5400.

please help me fill the rest out im confused

Check my work O'Connor Company ordered a machine on January 1 at a purchase price of $50,000. On the date of delivery, January 2. the company paid $13,000 on the machine and signed a long term note payable for the balance. On January 3, it paid $500 for freight on the machine on January 5, O'Connor paid cash for installation costs relating to the machine amounting to $3.000 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 $5.400 Required: 1. Indicate 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 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. Required: Required Required 3 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 aquation minine Required 1 Required 2 Required 3 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.) Date Assets Lilabilities Stocilders'Eq January 1 50.000 Accounts Payable January 2 Equipment January 2 January 3 Cash January 3 Equipment January 5 Cash January 5 Equipment Required 2 >