Help Save& ExitSubmit 8 (ch9) Graded Homework Check my work Problem 9.1A Determining the Cost of Plant Assets and Depreciation (LO9-1, LO9-2, LO9-3) Hamiet College recently purchased new computing equipment for its library. The following information refers to the purchase and nstallation of this equipment ducation discount" of $25,000 It paid 1. The list price of the equipment was $285.000, however, Hamlet College qualified for an" $50,000 cash for the equipment, and issued a three-month, 9 percent note payable for the remaining balance. The note, plus accrued interest charges of $4,500, was paid promptly at the note's maturity date 2 In addition to the amounts described in 1, Hamlet paid sales taxes of $15,000 at the date of purchase 3. Freight charges for delivery of the equipment totaled $1000 4 Installation costs related to the equipment amounted to $5,000 nstallation, one of the computer terminals was accidentally damaged by a library employee. It cost the college $500 to repair this damage 6 As soon as the computers were installed, the college paid $4,000 to print admissions brochures featuring the library's new, state-of the-art computing facilities Required c. Compute the total cost added to the college's computing equipment account d. Prepare a journal entry at the end of the current year to record depreciation on the computing equipment Hamlet College intends to depreciate this equipment by the straight-line method (haif-year convention) over an estimated useful life of five years. Assume a zero residual value Complete this question by entering your answers in the tabs below