Cullumber Company purchased equipment on account on September 3,2022 , at an invoice price of $204,000. On September 4, 2022, it paid $5,700 for delivery of the equipment. A one-year, $2,018 insurance policy on the equipment was purchased on September 6 , 2022. On September 20,2022 , Cullumber paid $2,300 for installation and testing of the equipment. The equipment was ready for use on October 1,2022 Cullumber estimates that the equipment's useful life will be four years, with a residual value of $18,000. It also estimates that, in terms of activity, the equipment's useful life will be 77,600 units. Cullumber has a September 30 fiscal year end. Assume that actual usage is as follows: Determine the cost of the equipment. Cost of equipment $