Reference no: EM132564094
On Jan-01, 2007, Kemp Company purchased factory equipment with an invoice price of $ 90,000. Other costs incurred were freight costs, $ 800; installation wiring and foundation, $ 2,200; material and labor costs in testing equipment, $1,200; one year fire insurance policy covering equipment, $1,200,oil and lubricants used for first year $ 200, Insurance in transit amounting $ 300 . The equipment is estimated to have a $ 5,000 residual value at the end of its 5-year useful service life.
Required:
Question (a) Compute and record the acquisition cost of the equipment.
Question (b) On the basis of your answer in Calculate depreciation expenses over the useful life of the equipment assume company is using 200% Diminishing balance method.
Question (C) On Jan-01 2009 Kemp Company plans to sell this equipment at a market value of $ 12,000 record this transaction in the books of Kemp.
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