ework Help Save & Exit Submit O'Connor Company ordered a machine on January 1 at a purchase price of $35.000. On the date of delivery, January 2, the company paid $9,000 on the machine and signed a long-term note payable for the balance. On January 3, it paid $400 for freight on the machine. On January 5, O'Connor paid cash for installation costs relating to the machine amounting to $2,100 On December 31 (the end of the accounting perlod), O'Connor recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,800 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 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. Required i Required 2 Recured Required a Indicate the effects (accounts, amounts, and + for increase - for decrease of each transaction (on January 1, 2, 3, and 5) on the at with a minus sign Assets Liberties Date Jan 01 Jan 02 Jan 03 2 V w MacBook Pro * > + $ 4 & 7 . 5 3 0) 8 9 E T R Y U P O D G H J J L