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Bulyea Company purchased equipment and had the following costs: Cash price $36,000 Freight-in 1,000 Annual license fee 300 Insurance during transit 200 Annual insurance policy

Bulyea Company purchased equipment and had the following costs: Cash price $36,000 Freight-in 1,000 Annual license fee 300 Insurance during transit 200 Annual insurance policy 500 Installation and testing 400 Total Cost $38,400 What amount should be recorded as the cost of the equipment? Select one: a. $38,400 b. $37,600 C. $36,000 d. $36,200

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