Required information [The following information applies to the questions displayed below.] On January 2, Summers Company received a machine that the company had ordered with an invoice price of 593,000 . Freight costs of $720 were paid by the vendor per the sales agreement. The company exchanged the following on January 2 to acquire the machine: a. Issued 1,300 shares of Summers Company common stock, par value $1 (market value, $3.50 per share). b. Signed a note payable for $63,000 with an 11.2 percent interest 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 $3,000 cash for installation costs to prepare the machine for use On January 12 , Summers Company paid the balance due on its accounte payable to the vendoc 3. Indicate the effects of the purchase and subsequent cash payment on the accounting equation. (Einter decreases to account categories as negative amounts.)