Splish Brothers Inc. purchased factory equipment with an invoice price of $80,300. Other costs incurred were freight costs, $1,470; installation wiring and foundation, $2,130; material and labor costs in testing equipment, $990; oil lubricants and supplies to be used with equipment, $900; fire insurance policy covering equipment, $1,780. The equipment is estimated to have a $5,000 salvage value at the end of its 10-year useful service life.
Instructions:
a) Compute the acquisition cost of the equipment. Clearly identify each element of cost.
b) If the straight-line method of depreciation was used, the annual rate applied to the depreciable cost would be .
Answers: 3
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Splish Brothers Inc. purchased factory equipment with an invoice price of $80,300. Other costs incur...
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