Required Information [The following information applies to the questions displayed below.) During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $30,000. On the date of delivery, January 2, the company pald $6,000 on the machine, with the balance on credit at 9 percent interest due in six months. On January 3, it paid $1,000 for freight on the machine. On January 5, Ashkar pald installation costs relating to the machine amounting to $2,000. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,300. Required: 1. Indicate the effects of each transaction on the accounting equation (Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the first column under "Assets Date Assets Llabilities January 1 No effect January 2 Cash January 3 January 5 July 1 Accounts payable Accounts receivable Accumulated depreciation Additional pald-in capital Allowance for uncollectible accounts Amortization expense ction on the accounting equation (Enter decreases to account categorles as negative >t Impact the accounting equation choose "No effect" in the first column under "Assets") Liabilities Stockholders' Equity Depreciation expense Equipment Gain on sale Goodwill Interest expense Inventories