Crow Co. purchased some of the machinery of Hare, Inc., a bankrupt competitor, at a liquidation sale for a total cost of $17,000. Crows cost of moving and installing the machinery totaled $2,400. The following data are available:

Item	Hares Net Book Value on the Date of Sale			List Price of Same Item If New			Appraisers Estimate of Fair Value
Punch press	$	10,080		$	18,000		$	16,000
Lathe		8,890			9,000			6,000
Welder		2,730			5,000			3,020

1.Calculate the amount that should be recorded by Crow Co. as the cost of each piece of equipment. (Do not round intermediate calculations.)

2.Which of the following alternatives should be used as the depreciable life for Crow Co.s depreciation calculation?

	a)The useful life of the asset to Crow Co.
	b)The remaining useful life to Hare, Inc.
	c)The life of a new machine.