Wilbert Company purchased factory equipment with an invoice price of $90,000. Other costs incurred were freight costs, $1,100; installation wiring and foundation, $2,200; material and labor costs in testing equipment, $700; oil lubricants and supplies to be used with equipment, $500; fire insurance policy covering equipment, $1,400. The equipment is estimated to have a $5,000 salvage value at the end of its 8-year useful service life. Requirements: 1) Compute the acquisition cost of the equipment. Clearly identify each element of cost. 2) Using the double declining balance method: a) calculate and prepare the journal entry for depreciation expense for the second year. BIVAA. IEE 1 1 XX, EE - 2 VE 12pt Paragraph