THE RUL alue Instructions Prepare the appropriate journal entries for the above transactions for Clarkson Corporation. E10.4 (LO 1) (Purchase and Self-Constructed Cost of Assets) Worf Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year 2020. Purchase Cash paid for equipment, including sales tax of $5,000 Freight and insurance cost while in transit Cost of moving equipment into place at factory Wage cost for technicians to test equipment Insurance premium paid during first year of operation on this equipment $105,000 2,000 3.100 4,000 1,500 Special plumbing fixtures required for new equipment 8,000 Repair cost incurred in first year of operations related to this equipment 1,300 Construction Material and purchased parts (gross cost $200,000; failed to take 2% cash discount) $200,000 Imputed interest on funds used during construction (stock financing) 14,000 Labor costs Profit on self-construction. Cost of installing equipment 190,000 Allocated overhead costs (fixed-$20,000; variable-$30,000) 50,000 30,000 4.400