2 Chemical Cleanup Inc. took delivery on a new filter press on June 1. The filter press had a cost of $750,000 plus $5,000 freight. Chemical paid a contractor $15,000 to install the press and provide all mechanical hookups (electric, water, air, atmosphere). The run-in period for the press was approximately 2 weeks at a cost to Chemical of $15,000. The press was placed in production on July 1 . Chemical estimates the press will be worth $20,000 at the end of its useful life. Chemical depreciates its filter presses over a 10 year life using the straight line method of depreciation. Calculate the depreciable basis for the filter press and prepare the joumal entry to record the purchase of the press assuming Chemica paid cash