II. COSTING AND DEPRECIATION Shubert Corporation imported equipment on October 1, 2019, for a purchase price of $450,000, import duty of $45,000, insurance during transit of $3,000, and installation and testing of $2,000. The equipment is estimated to have a five-year life with a residual value of $50,000. Required: Determine the cost of equipment and complete the below table of depreciation from 2019 to 2024 using the straight-line method