charlotte motorcycle repair corporation purchased machine january 1 2010 8000 cash firm expe

Charlotte Motorcycle Repair Corporation purchased a machine on January 1, 2010, for $8,000 cash. The firm expects to use the machine for four years and thinks it will be worthless at the end of the four-year period. The company will depreciate the machine in equal annual amounts. 1. Show the purchase of the machine and the first year’s depreciation in the accounting equation.