Legend Service Center just purchased an automobile hoist for $32.400. The hoist has an 8-year life and an estimated salvage value of $3,000. Installation costs and freight charges were $3,300 and $700, respectively. Legend uses straight-line depreciation. The new hoist will be used to replace mufflers and tires on automobiles. Legend estimates that the new hoist will enable his mechanics to replace 5 extra mufflers per week Each muffler sells for $72 installed. The cost of a muffler is 536, and the labor cost to install a muffler is $16. (a) Legend Service Center just purchased an automobile hoist for $32.400. The hoist has an 8-year life and an estimated salvage value of $3,000. Installation costs and freight charges were $3,300 and $700, respectively. Legend uses straight-line depreciation. The new hoist will be used to replace mufflers and tires on automobiles. Legend estimates that the new hoist will enable his mechanics to replace 5 extra mufflers per week Each muffler sells for $72 installed. The cost of a muffler is 536, and the labor cost to install a muffler is $16. (a)