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Calculate the cost of the equipment

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Reference no: EM132419150

Problem: Mason Ltd. purchased, for cash, equipment with an invoice price of $90,000. Other costs incurred were freight costs, $1,400; insurance while the equipment was in transit, $1,200; material and labour costs in testing equipment, $2,000; oil lubricants and supplies to be used while operating the equipment, $850; annual fire insurance policy covering equipment after it was put in use, $900; import duties $400. The equipment is estimated to have an $8,000 residual value at the end of its 10-year useful service life.

REQUIRED:

Question 1: Calculate the cost of the equipment.

Question 2: Record the purchase of the equipment.

Question 3: Prepare the journal entry for the annual depreciation, assuming the straight-line method of depreciation is used.

Reference no: EM132419150

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