RECOMMENDED!!On January 1, Year 1, Needham, Inc., borrowed

  

On January 1, Year 1, Needham, Inc., borrowed $10,000 at 6% for four years. On December 31, Year 1, Needham made its first installment payment of $2,886. Show the effect of the first installment payment on the accounting equation. Round the amounts to the nearest dollar. AssetsLiabilitiesShareholders’ Equity $______$______$______

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