Bramble Ltd$.$ purchased, for cash, factory equipment with an invoice price of $$88,000.$ Other costs incurred were freight costs, $$2,400$;

installation, wiring and foundation, $$14,300$; material and labour costs in testing equipment, $$1,300$; oil lubricants and supplies to be

used while operating the equipment, $$1,550$; and fire insurance policy covering equipment, $$2,200.$ The equipment is estimated to

have a $$18,000$ residual value at the end of its eight$-$year useful service life.

$($a$)$ Calculate the cost of the equipment.

$($b$)$ Record the purchase of the equipment.

$($c$)$ Calculate the annual depreciation expense, assuming the straight$-$line method of depreciation is used.