Brief Exercise 224 supplies to be used with equipment, $500; fire insurance policy covering equipment, $1,500. The equipment is estimated to have a $5,000 salvage value at the end of its 8-year useful service life. Compute the acquisition cost of the equipment. Acquisition cost of the equipmentt (Round answer to 1 decimal place, e.g. 15.5%) If the straight-line method of depreciation was used, the annual rate applied to the depreciable cost would