12 pts Question 3 Lang Company purchased factory equipment with an invoice price of $150,000. Other costs incurred were freight costs. $1.200; installation. $2,100; material and labor costs in testing equipment, $700, oil lubricants and supplies to be used with equipment. $500, insurance during transit, $1,400. The equipment is estimated to have a $5.000 salvage value at the end of its 10-year useful service life. Requirements: 1) Compute the acquisition cost of the equipment. Clearly identify each element of cost. 2) Using the double declining balance method: a) calculate and prepare the journal entry for depreciation expense for the second year. Edit View insert Format Tools Table Paragraph B 1 UA 90 888