Timicuan Truck Company purchased factory equipment with an invoice price of $78,000. Other costs incurred were freight costs, $1,300; installation wiring and foundation, $2,200; material and labor costs in testing equipment, $700; oil lubricants and supplies to be used with equipment, $5 fire insurance policy covering equipment with the term beginning on the day after installation was completed, \$1,500. The equipment is estimated to have a $5,000 salvage value at the end of its 8 . year useful service life. Instructions 1. Compute the acquisition cost of the equipment. Clearly identify each element of cost (i.e. show your work). 2. If the straight-line method of depreciation was used, the annual rate applied to the depreciable cost would be Edit View Insert Format Tools Table