During the current year ending on December 31, BSP Company completed the following transactions:a.On January 1, purchased a patent for $28,000 cash (estimated useful life, seven years).b.On January 1, purchased the assets (not detailed) of another business for $164,000 cash, including $10,000 for goodwill. The company assumed no liabilities. Goodwill has an indefinite life.c.On December 31, constructed a storage shed on land leased from D. Heald. The cost was $15,600. The company uses straight-line depreciation. The lease will expire in three years. (Amounts spent to enhance leased property are capitalized as intangible assets called Leasehold Improvements.)d.Total expenditures for ordinary repairs and maintenance were $5,500 during the current year.e.On December 31 of the current year, sold Machine A for $6,000 cash. Original cost was $25,000; accumulated depreciation to December 31 of the prior year was $16,000 (on a straight-line basis with a $5,000 residual value and five-year useful life).f.On December 31 of the current year, paid $5,000 for a complete reconditioning of Machine B acquired on January 1 of the prior year. Original cost, $31,000; accumulated depreciation to December 31 of the prior year was $1,600 (on a straight-line basis with a $7,000 residual value and 15-year useful life).Required:1.For each of these transactions, indicate the accounts, amounts, and effects (+ for increase and − for decrease) on the accounting equation. Use the following structure