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E$9-3$ Determining Financial Statement Effects of an Asset Acquisition and Straight$-$Line Depreciation $[$LO$9-2,$ LO$9-3]$

Conover Corp. ordered a machine on January $1$ at a purchase price of $$27,550.$ On delivery, January $2,$ the company paid $$7,500$ on the machine and signed a note payable for the balance. On January $3,$ it paid $$200$ for freight on the machine. On January $5,$ Conover paid installation costs relating to the machine amounting to $$1,250.$ On December $31($the end of the accounting period$).$ Conover recorded depreciation on the machine using the straight$-$line method with an estimated useful life of ten years and an estimated residual value of $$2,500.$

Required:

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.$)$

$2$ Compute the acquisition cost of the machine.

Acquisition cost

Compute the depreciation expense to be reported for the first year.

Depreciation

What should be the book value of the machine at the end of the second year?

Book value