Cullumber Enterprises purchased equipment on March 15, 2021, for $70,570. The company also paid the following amounts: $550 for freight charges; $192 for insurance while the equipment was in transit; $1,969 for a one-year insurance policy: $2,219 to train employees to use the new equipment; and $3,008 for testing and installation. The company began to use the equipment on April 1. Cullumber has estimated the equipment will have a 10-year useful life with no residual value. It expects to consume the equipment's future economic benefits evenly over the useful life. The company has a December 31 year end. (a) Your answer is correct. Calculate the cost of the equipment. Cost of the equipment $ 74320 eTextbook and Media Question Part Score (b) Your answer is correct. Which depreciation method should the company use? Straight-line method eTextbook and Media Question Part Score (c) Attempts: 2 of 15 used Attempts: 1 of 15 used * Your answer is incorrect. Using the method chosen above, calculate the depreciation on the equipment for 2021. (Round answer to O decimal places, e.g. 5,275.) Depreciation for 2021 $ 47488 1/1 1/1