O'Connor Company ordered a machine on January 1 at a purchase price of $120,000. On the date of delivery January 2, the company paid $30,000 on the machine and signed a long term note payable for the balance On January 3, it paid $1,200 for freight on the machine On January 5, O'Connor paid cash fo installation costs relating to the machine amounting to S7,200. On December 31 (the end of the accounting period), 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 $12,800 Required 1. Indicate the ellects (accounts, amounts, and for increase or decrease) of each transaction (on January 1, 2, 3, and 5) on the accounting equation.

Explanation:

DateAssets = Liabilities + Stockholders' equity

Jan 1

Jan 2Cash          $ -30,000   Long term note payable90,000  

             Machine            $ 120,000

Jan 3Machine              $ 1,200

                Cash                     -1,200                                                                                      

Jan 5Machine               $ 7,200    

               Cash              -7,200

Dec. 31     Accumulated      $11560

               depreciation  

i believe the answer is: streets and roads

public property refers to the property that can be used by all legal citizens in a certain country. the public property was created and maintain using the government budget that allocated specifically for it. the budget itself come from the citizen's income tax payment.