Joy Company purchased factory equipment with an invoice price of $$88,000.$ Other costs incurred were freight costs, $$1,100$; installation, $$2,500$; material and labor costs in testing equipment, $$650$; oil lubricants and supplies to be used with equipment, $$500$; insurance during transit, $$1,400.$ The equipment is estimated to have a $$5,000$ salvage value at the end of its $5-$year useful service life.Requirements:$1)$ Compute the acquisition cost of the equipment. Clearly identify each element of cost$\mathrm{.}2)$ Using the double declining balance method: a$)$ calculate and prepare the journal entry for depreciation expense for the second year.