2 Chemical Cleanup Ine, took delivery on a new fitter press on June 1 ....
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2 Chemical Cleanup Ine, took delivery on a new fitter press on June 1 . The fite. press had a cost of $750,000 plus $5,000 freight. Chemical paid a contractor $15,000 to install the press and provide all mechanical hookups (electric, watc; air, atuosphere). The run-in period for the press was approximately 2 wecks as cost to Chemical of $15,000. The press was placed in production on July 1 . Cbemical estimates the press will be worth $20,000 at the end of its useful life. Chemical depreciates its filter presses over a 10 year life using the straight line method of depreciation. Calculate the deprociable basis for the filter press and prepare the joumal entry to record the purchase of the press assuming Chetnical paid cash. 3 Using the data from #2 above, complete the depreciation schedule for the first 3
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