On July 1, 2012, Watmore Ltd. purchased, for cash, factory equipment with an invoice price of $80,000. Other costs incurred were freight costs, $1,600; installation, wiring and foundation, $13,500; material and labour costs in testing equipment, $500; oil lubricants and supplies to be used while operating the equipment. $750: fire insurance policy covering equipment, $1,400. The equipment is estimated to have a $10,000 residual value at the end of its 8- year useful service life. Required: A Calculate the cost of the equipment B. Record the purchase of the equipment C Record Depreciation for Dec 31, 2020 assuming the straight-line method of depreciation is used. Wat more Ltd. has a December 31 year end and prepares adjusting entries annually D. What would be the total depreciation expense over 8 years useful life Watmore uses the declining balance method