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 $20,000. On the date of delivery, January 2 , the company paid $6,000 on the machine, with the balance on credit at 11 percent interest due in six months. On January 3 , it paid $1,400 for freight on the machine. On January 5 , Ashkar paid installation costs relating to the machine amounting to $2,100. 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 $4,100. Required: 1. Indicate the effects of each transaction on the accounting equation. Note: 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