sessment should be solved on the same file and submitted via. SULMS. Assessment Description: m the beginning of 2017, Sohar Company purchased factory equipment with an invoice price of OMR 85,000. Other costs incurred were freight costs, OMR 1,000; installation wiring and foundation. OMR 3.500: material and labor costs in testing equipment, 7,000; oil lubricants and supplies to be used with equipment, OM supplies to be used with equipment, OMR 500; fire insurance policy covering equipment, OMR 1.500. The equipment is estimated to have an OMR 3,000 residual value at the end of its 5-vear useful life or 100.000 service hours. This equipment was used for 15,000 hours in 2017. 10.000 hours in 2018 and 25,000 hours in 2019. Instructions (a) Compute the acquisition cost of the equipment. Clearly identify each element of cost. (b) Record the entry for purchasing the equipment. (c) Calculate depreciation if the company was using straight line depreciation method. (d) Compute depreciation expense using the units-of-activity method for the year 2017, 2018 and 2019. (e) If the double-declining-balance method of depreciation was used, calculate depreciation for the years 2017 and 2018 (1) Assume the company was using straight line depreciation method, prepare a presentation of how the equipment will show in the financial position statemen the year 2018