Conover Corp. ordered a machine on January 1, 2017, at a purchase price of $31470. On delivery, January 2, 2017, the company paid $8.300 on the machine and signed a note payable for the balance. On January 3, 2017, it paid $280 for freight on the machine on January 5. Conocer paid installation costs relating to the machine amounting to $1650. On December 31, 2017 the end of the accounting period). Conover recorded depreciation on the machine using the straight line method with an estimated useful life often years and an estimated residual value of $2,900 Required: 1. indicate the effects (accounts, amounts of each transaction on January 1 2.3 and 5) on the accounting equation. Use the following schedule (Enter any decreases to accounts with a minus sign) 22 Date Jant Assets Stockholders' Equity Jan 2 Jana 2. Compute the acquisition cost of the machine 3. Comote the depreciation expense to be reported for 2017 4. What should be the book value of the machine at the end of 20101