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  3. pharoah enterprises purchased equipment on march 1

Pharoah Enterprises purchased equipment on March 15,2025 , for $67,600. The company also paid the...

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Accounting

imageimageimage Pharoah Enterprises purchased equipment on March 15,2025 , for $67,600. The company also paid the following amounts: $450 for freight charges, $210 for insurance while the equipment was in transit, $1,620 for a one-year insurance policy, $1,890 to train employees on how to use the new equipment, and $2,540 for equipment testing and installation. The company began to use the equipment on April 1. Pharoah has estimated the equipment will have a 10-year useful life with no salvage value. It expects to consume the equipment's economic benefits evenly over its useful life. The company has a December 31 year-end. (a) Your answer is correct. Calculate the cost of the equipment. Cost of the equipment $ (b) Your answer is correct. Which depreciation method should the company use? Using the method chosen in part (b), calculate the depreciation on the equipment for 2025. (Round answer to 0 decimal places, e.g. 5,125.) Depreciation expense in 2025 \$

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