Read the question paper carefully and Mobile phones are not allowed. Calcul Q#1. (4+8+8+4+4+8) Marks Fazain & Company purchases equipment on January 2, 2018, for Rs. 85,000 on credit. Freight Paid Rs. 2000 and Installation cost Paid Rs. 3000 in cash. The equipment has a Rs. 5,000 salvage value and an estimated useful life of 5 years. the useful life. 3. Charge the desperation using the double decline method for the Year 2019. Also prepare the Depreciation Schedule using double decline method for the useful life. 4. The equipment is estimated to produce 10,000 units. During 2018 Fazain & Company produced 2,800 units. Depreciation under the units-of-production method for 2018. 5. At the end of the useful life company sold the equipment for Rs 7000. Pass the necessary journal entry. 6. At the end of the useful life company replaced the old equipment Worth Rs. 120000. By giving old equipment to Ihsan & company and paid the Rs. 110000. Pass the necessary journal entry. Required 1. Pass the necessary journal entry to record the purchase of Equipment on January 2nd, 2018. 2. Charge the desperation using the straight-line method for the year 2018. Also prepare the Depreciation Schedule using Straight-line method for the useful life