QUESTION 8 ' 10mm: SaueAnswer On June 28, Carpenter Corporation purchased equipment with a purchase price of $43,231 plus 6% sales tax. Shipping terms were FOB Shipping Point and shipping charges were $317. Installation was completed, and the new equipment was placed in service on July 1. Installation costs totaled $949. The shipping and installation costs were paid for in cash. The equipment purchase price, including sales tax, was paid for by issuing a 120 day 5% Note Payable. Based on industry standards, the equipment is expected to have a useful life of 7 years, at which time it will have an estimated worth of $4,637. The equipment will be depreciated using the Straight Line method. What is the total Capitalized Cost of the equipment? QUESTION 9 ' 10mm SaueAnswer On August 1, Warren Company placed into service equipment with a capitalized cost of $49,439. The equipment was paid for by issuing a 90 day 6% Note Payable. Based on industry standards, the equipment is expected to have a useful life of 8 years, at which time it will have an estimated worth of $4,881. The equipment will be depreciated using the Straight Line method. Based on these transactions alone, what is the Depreciation Expense on the equipment on August 31