Question 2017 Mave to the next Gestion prevent changes to this answer 10 point Save As Question 2 Chapter 9 (8 marks, 16 minutes) On July 1, 2012, Gilmore Ltd, purchased on account factory equipment with an invoice price of $85,000. Other costs incurred were freight costs, $1.500; installation, wiring and foundation. $13,500; material and labour costs in testing equipment, $500: ol 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. Round all final calculations to the nearest dollar Required: A Calculate the cost of the equipment 2. Record the purchase of the equipment C. Record Depreciation for Dec 31, 2020 assuming the straight-line method of depreciation is used. Gilmore Lid. has a December 31 year end and prepares adjusting entries annually D. What would be the total depreciation expense over 8 years useful life is Gilmore uses the declining balance method