On 1/1, the CIF Farm bought equipment by paying $6,000 cash

 On 1/1, the CIF Farm bought equipment by paying $6,000 cash. They also incurred a freight and taxes of $619 to get the equipment to their farm. The market value of this equipment is $12,000. What amount should be recorded in the equipment account on 1/1? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 4.75 pts D Question 13 Tennessee Fried Chicken purchased equipment for $58,000 on 1/1. The equipment is expected to have a four-year life, with a residual value of $10,000 at the end of five years. Using the double- declining balance method, what is the depreciation expense for the year as of 12/31? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically For example, if you calculated the answer to be $24,123, you would only input: 24123