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On January $2,$ Summers Company received a machine that the company had ordered with an invoice price of $$85,000.$ Freight costs of $$1,000$ were paid by the vendor per the sales agreement. The cormpany exchanged the following on January $2$ to acquire the machine:

a$.$ Issued $2,000$ shares of Summers Company common stock, par value $$1($market value, $$3\mathrm{.}50$ per share$).$

b$.$ Signed a note payable for $$60,000$ with an $11\mathrm{.}5$ percent iniferest rate $($principal plus interest are due April $1$ of the current year$).$

c$.$ 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 $$2,400$ 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.

$3.$ Indicate the effects of the purchase and subsequent cash payment on the accounting equation.

Note: Enter decreases to account categories as negative amounts.

$\backslash$table$[[$Date$,$Assets,$=,$Liabilities,$+,$Stockholders' Equity$],[$January $02,,=,\_,+,],[$January $02,+,=,2,+,],[$January $03,,=,,+,],[$January $03,,=,,+,],[$January $12,,=,,+,],[$January $12,,=,$i$,+,]]$