Cullumber Enterprises purchased equipment on March 15, 2024, 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) Calculate the cost of the equipment. Cost of the equipment $