P$8-1($Algo$)$ Explaining the Nature of a Long$-$Lived Asset and Determining and Recording the Financial Statement Effects of Its Purchase LO$8-1,8-2$

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On January $2,$ Summers Company received a machine that the company had ordered with an invoice price of $$106,000.$ Freight costs of $$690$ were paid by the vendor per the sales agreement. The company exchanged the following on January $2$ to acquire the machine:

Issued $1,700$ shares of Summers Company common stock, par value $$1($market value, $$3\mathrm{.}50$ per share$).$

Signed a note payable for $$62,000$ with an $11\mathrm{.}4$ percent interest rate $($principal plus interest are due April $1$ of the current year$).$

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

On January $3,$ Summers Company paid $$2,700$ cash for installation costs to prepare the machine for use.

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

P$8-1$ Part $2$

Required:

$2.$ Record the purchase on January $2,$ the installation costs on January $3,$ and the subsequent payment on January $12.$