Moreau Lock & Key Ltd. has a hefty investment in security equipment, as reported in the company's balance sheet at December 31, 2010:
Property, plant, and equipment, at cost:

Land ............................................................................................. $ 200,000

Buildings....................................................................................... 310,000

Less Accumulated depreciation .................................................... (40,000)

Security equipment ....................................................................... 620,000

Less Accumulated depreciation ..................................................... (370,000)

In early October 2011, Moreau Lock & Key purchased additional security equipment at a cost of $80,000. The company amortizes buildings by the straight-line method over 20 years with a residual value of $70,000. Due to obsolescence, security equipment has a useful life of only eight years and is being depreciated by the double-diminishing-balance method with zero residual value.

Required

1. How will Moreau Lock & Key's equipment purchase be recorded? What will the 2011 depreciation expense be?

2. Report property, plant, and equipment on the company's December 31, 2011, balance sheet.