QUESTION 2 (4 marks) On Oct 1, Hamburger Enterprises purchased, for cash, factory equipment with an invoice price of $170,000. Additional costs incurred (also paid cash) were the following: - Freight cost: $2,000 - Electricity panels for the new equipment: $5,000 - Material and labour costs for testing equipment before production: $1,000 - Fire insurance policy covering equipment for its first year of operation: $1,400 The company has estimated that the equipment will have a 5 -year useful life with $10,000 in residual value. It expects to consume the equipment's future economic benefits evenly over the useful life. The company's year end is December 31 . Prepare the appropriate journal entries (of the purchase and at year-end)