Crane Company purchased equipment on account on September 3, 2022, at an invoice price of 5203,000, On 5eptember 4. 2022. it paid $5,600 for delivery of the equlpment. A one-year, $2,013 insurance policy on the equilment was purchased on September 6 . 2022 On 5 cptember 20, 2022, Crane paid $2,400 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 yalue of $17,500 it also estimates that, in termin of activity, the equipment's useful life will be 96.750 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 $