X-it Company signed a $500,000, 5-year note payable to buy a new machine. The company paid $2,000 cash for transporting and $1,000 cash for machine. What is the effect of this transaction on the accounting equation? (Check all that apply.) Total liabilities increase $500,000. Total assets increase $500,000. Total assets increase $503,000. Machinery, an asset, increases $503,000. Machinery, an asset, increases $500,000. Total liabilities increase $503,000