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 $85,000. Freight costs of $1,000 were paid by the vendor per the sales agreement. The company 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, $3.50 per share). b. Signed a note payable for $60,000 with an 11.5 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 $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. Record the purchase of equipment. Note: Enter debits before credits. Record the installation costs on January 3. Note: Enter debits before credits. Record the balance paid from the January 2 purchase. Note: Enter debits before credits. 3. Indicate the effects of the purchase and subsequent cash payment on the accounting equation. Note: Enter decreases to account categories as negative amounts