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O'Connor Company ordered a machine on January 1 at a purchase price of $75,000. On the date of delivery, January 2 , the company paid $19,000 on the machine and signed a long-term note payable for the balance. On January 3 , it paid $800 for freight on the machine, On January 5, O'Connor paid cash for installation costs relating to the machine amounting to $4,500. On December 31 (the end of the accounting period), O'Connor recorded depreciation on the machine using the straight-line method with an estimated Required: 1. Indicate the effects (accounts, amounts, and + for increase, - for decrease) of each transaction (on January 1, 2, 3, and 5) on the accounting equation. 2. Compute the acquisition cost of the machine. 3. Compute the depreciation expense to be reported for the first yeac. 4. What should be the book value of the machine at the end of the second year? Complete this question by entering your answers in the tabs below. O'Connor Company ordered a machine on January 1 at a purchase price of $75,000. On the date of delivery, Januan paid $19,000 on the machine and signed a long-term note payable for the balance. On January 3 , it paid $800 for fre machine. On January 5 , O'Connor paid cash for installation costs relating to the machine amounting to $4,500. On D end of the accounting period), O'Connor recorded depreciation on the machine using the straight-line method with a useful life of 10 years and an estimated residual value of $8,000. Required: 1. Indicate the effects (accounts, amounts, and + for increase, - for decrease) of each transaction (on January 1, 2, 3, accounting equation. 2. Compute the acquisition cost of the machine. 3. Compute the depreciation expense to be reported for the first year. 4. What should be the book value of the machine at the end of the second year? Complete this question by entering your answers in the tabs below. Compute the acquisition cost of the machine. Connor Company ordered a machine on January 1 at a purchase price of $75,000, On the date of delivery, January 2 , th id $19,000 on the machine and signed a long-term note payable for the balance. On January 3 , it paid $800 for freight achine. On January 5, O'Connor paid cash for installation costs relating to the machine amounting to $4,500. On Decem id of the accounting period), O'Connor recorded depreciation on the machine using the straight-line method with an esti ieful life of 10 years and an estimated residual value of $8,000. quired: Indicate the effects (accounts, amounts, and + for increase, - for decrease) of each transaction (on January 1, 2, 3, and accounting equation. Compute the acquisition cost of the machine. Compute the depreciation expense to be reported for the first year. What should be the book value of the machine at the end of the second year? Complete this question by entering your answers in the tabs below. Compute the depreciation expense to be reported for the first year. (Do not round intermediate caiculations.) paid $19,000 on the machine and signed a long-term note payable for the balance. On January 3 , it p machine. On January 5, O'Connor paid cash for installation costs relating to the machine amounting t end of the accounting period), O'Connor recorded depreciation on the machine using the straight-line useful life of 10 years and an estimated residual value of $8,000. Required: 1. Indicate the effects (accounts, amounts, and + for increase, - for decrease) of each transaction (on accounting equation. 2. Compute the acquisition cost of the machine. 3. Compute the depreciation expense to be reported for the first year. 4. What should be the book value of the machine at the end of the second year? Complete this question by entering your answers in the tabs below. What should be the book value of the machine at the end of the second year? (Do not round intermediate