Crane Company purchased equipment on account on September 3, 2022, at an invoice price of $181,000. On September 4 , 2022, it paid $3,800 for delivery of the equipment. A one-year, $1,900 insurance policy on the equipment was purchased on September 6 , 2022. On September 20, 2022, Crane paid $4,200 for installation and testing of the equipment. The equipment was ready for use on October 1, 2022. Crane estimates that the equipment's useful life will be four years, with a residual value of $16,500. It also estimates that, in terms of activity, the equipment's useful life will be 86,250 units. Crane has a September 30 fiscal year end. Assume that actual usage is as follows: Determine the cost of the equipment. Cost of equipment $