Acquisition Cost On January 1, 2017, Zircon Enterprises purchased a piece of equipment with a list price of $60,000. The following amounts were related to the equipment purchase: < Terms of the purchase were 2/10, net 30. Zircon paid for the purchase on January 8. 9 Freight costs of $1,000 were incurred. A state agency required that a pollution control device be installed on the equipment at a cost of $2,500. During Installation, the equipment was damaged and repair costs of $4,000 were incurred. Architect's fees of $6,200 were paid to redesign the work space to accommodate the new equipment. Zircon purchased liability insurance to cover possible damage to the asset. The three-year policy cost $8,000. Zircon financed the purchase with a bank loan. Interest of $3,000 was paid on the loan during 2016. Required: Determine the acquisition cost of the equipment. 70,300 X Feedback Check My Work Acquisition cost should include all costs that are normal and necessary to acquire the asset and prepare it for its intended use. Acquisition cost should not include expenditures unrelated to the acquisition or costs incurred after the asset was installed and use begun.