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E8-4 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (StraightLine 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 involce price of $29,000. On the date of delivery, January 2, the company paid $5,000 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. E8-4 Part 2 2. Compute the acquisition cost of the machine