The following information applies to the questions displayed below.j During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $27,000. On the date of delivery, January 2, the company paid $9,000 on the machine, with the balance on credit at 12 percent interest due in six months. On January 3, it paid $1,500 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,400. 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 $4.500. References Section Break E8-4 (Algo) Determining Financial Statement Effects of an Assct Acquisition and Depreciation (Straight-Line Depreciation) LOS- 2, 8-3 4. Award: 10.00 points E8-4 Part 1 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".) Assets Llabilities Date January 1 No effect Stockholders' Equity ' No effect 18,000 January 2 Cash Equipment January 3 Cash Equipment January 5 Cash Equipment July 1 Cash (9.000) Short term note payable ( 27,000 (1,500) 1.500 (2.400) 2,400 Short term note payable Interest expense Required information E8-4 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (Straight- Line Depreciation) LO8-2, 8-3 (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 $27,000. On the date of delivery, January 2, the company paid $9,000 on the machine, with the balance on credit at 12 percent interest due in six months. On January 3, it paid $1,500 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,400. 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 $4,500. E8-4 Part 2 2. Compute the acquisition cost of the machine. Acquisition Cost of the Machine Acquisition cost $ 0 ! Required information E8-4 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (Straight- Line Depreciation) LO8-2, 8-3 [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 $27,000. On the date of delivery, January 2, the company paid $9,000 on the machine, with the balance on credit at 12 percent interest due in six months. On January 3, it paid $1,500 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,400. 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 $4,500. E8-4 Part 3 3. Compute the depreciation expense to be reported for Year 1. Depreciation expense