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Cullumber Company purchased equipment on account on September 3, 2022, at an invoice price of $193,000. On September 4,2022 , it paid $5,000 for delivery of the equipment. A one-year, $1,960 insurance policy on the equipment was purchased on September 6 , 2022. On September 20, 2022, Cullumber paid $3,000 for installation and testing of the equipment. The equipment was ready for use on October 1, 2022. Cullumber estimates that the equipment's useful life will be four years, with a residual value of $13,500. It also estimates that, in terms of activity, the equipment's useful life will be 93,750 units. Cullumber has a September 30 fiscal year end. Assume that actual usage is as follows: Determine the cost of the equipment. Cost of equipment $ eTextbook and Media The parts of this question must be completed in order. This part will be available when you complete the part above. Question Part Score (c) The parts of this question must be completed in order. This part will be available when you complete the part above. Question Part Score