Determine cost of equipment:

Crane Company purchased equipment on account on September 3, 2019, at an invoice price of $192,000. On September 4, 2019, it paid $4,900 for delivery of the equipment. A one-year, $1,955 insurance policy on the equipment was purchased on September 6, 2019. On September 20, 2019, Crane paid $3,100 for installation and testing of the equipment. The equipment was ready for use on October 1, 2019. Crane estimates that the equipment's useful life will be four years, with a residual value of $12,000. It also estimates that, in terms of activity, the equipment's useful life will be 75,200 units. Crane has a September 30 fiscal year end. Assume that actual usage is as follows: # of Units 15,520 23,820 20,120 16,640 Year Ended September 30 2020 2021 2022 2023