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E$8-4($Algo$)$ Determining Financial Statement Effects of an Asset Acquisition and Depreciation $($StraightLine Depreciation$)$ L$08-2,8-3$

$[$The following information applies to the questions displayed below.$]$

During Year $1,$ Ashkar Company ordered a machine on January $1$ at an invoice price of $$29,000.$ On the date of delivery, January $2,$ the company paid $$7,000$ on the machine, with the balance on credit at $11$ percent interest due in six months. On January $3,$ it paid $$800$ for freight on the machine. On January $5,$ Ashkar paid installation costs relating to the machine amounting to $$2,400.$ 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 $$4,400.$

E$8-4$ Part $1$

Required:

Indicate the effects of each transaction on the accounting equation.

Note: Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose $"$No effect" in the first column under "Assets".