4 pts Question 1 On April 1, 2020, Renfro Corporation purchased land, a building, and some equipment for $475,000. The following information is available concerning the property purchased: Land . . Building ...... Equipment ........ Current Market Value 170,000 190,000 140,000 Before the property could be used, Renfro had to spend $11,000 to renovate the building and $20,000 to put the equipment in working order. Calculate the cost assigned to the equipment