Cullumber Enterprises purchased equipment on March 15, 2024, for $70.570. The compary 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 hasestimated the equipment wal 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) Calculate the cost of the equipment. Cost of the equlpment Which depreciation method should the company use? eTextbook and Media Solution Attempts: 3 of 3 used (c) Using the method chosen above, calculate the depreciation on the equipment for 2024 . (Round answer to 0 decimal places, es. 5,275. Depreciation expense for 2024