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Check my werk 1 [LO 9-2, LO 9-3]" 10 points O'Connor Company ordered a machine on January 1 at a purchase price of $55,000 on the date of delivery, January 2, the company paid $14,000 on the machine and signed a long term note payable for the balance on January 3 paid $600 for freight on the machine On January 5, O'Connor paid cash for installation costs relating to the machine amounting to $3.300 On December 31 the end of the accounting period, Connor recorded depreciation on the machine using the straighine method with an estimated useful life of 10 years and an estimated resid value of $5.900 Required: 1. Indicate the effects occounts, amounts, and to create - for decrease of each action on Jouery 1.2.3. and on the accounting equition 2. Compute the guidon cost of the machine 1. 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 Indicate the effects accounts, amounts, and for increase for decrease of each transaction on January 1, 2, 3, on the ring and with g) Asset Date Jan 02 Jan 05 Prev Next >