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2. Chemical Cleanup Ine, took delivery on a new filter press on June 1. The filte press had a cost of $750,000 plus $5,000 freight. Chernical paid a contractor \$15,000 to install the press and provide all mechanical hookups (electric, water, air, atmosphere). The run-in period for the press was approximately 2 weeks af 1 cost to Chemical of $15,000. The press was placed in production on July 1. Chemical estimates the press will be worth $20,000 at the end of its useful life. Chemical depreciates its filter presses over a 10 year life using the straight line method of depreciation. Calculate the depreciable basis for the filter press and prepare the joumal entry to record the purchase of the press assuming Chemical paid cash. 3 Using the data from #2 above, complete the depreciation schedule for the first 3 4 Prepare the required journal entries to record depreciation expense for years 1 and 2. 5 Fancy Textile Company, a weave mill, had sales for the year of $31,854. Total assets at the end of last year and this year were $14.600 and $15.300, respectively ( 000 omitted all numbers). Calculate their total asset turnover for the year