Hawaiian Specialty Foods purchased equipment for $29,000. Residual value at the end of an estimated four-year service life is expected to be $2,900. The machine operated for 3,000 hours in the first year, and the company expects the machine to operate for a total of 18,000 hours.

Calculate depreciation expense for the first year using each of the following depreciation methods: (1) straight-line, (2) double-declining-balance, and (3) activity-based. (Do not round your intermediate calculations.)

Part Two:

Orion Flour Mills purchased a new machine and made the following expenditures:

Purchase price	$63,000
Sales tax	5,400
Shipment of machine	880
Insurance on the machine for the first year	580
Installation of machine	1,760

The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash.

Required:

Record the above expenditures for the new machine. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Part 3:

Whole Grain Bakery purchases an industrial bread machine for $25,000. In addition to the purchase price, the company makes the following expenditures: freight, $1,500; installation, $3,000; testing, $1,000; and property tax on the machine for the first year, $500.

What is the initial cost of the bread machine?

Part 4:

Granite Stone Creamery sold ice cream equipment for $15,200. Granite Stone originally purchased the equipment for $88,000, and depreciation through the date of sale totaled $70,000.

What was the gain or loss on the sale of the equipment? also list the "sale amount", "less", cost of ice cream equipment, and book value>