Ivanhoe Enterprises purchased equipment on March 15, 2021, for $71,260. The company also paid the following amounts: $550 for freight charges; $201 for insurance while the equipment was in transit; $1,939 for a one-year insurance policy; $2,116 to train employees to use the new equipment; and $3,029 for testing and installation. The company began to use the equipment on April 1. Ivanhoe has estimated the equipment will have a 10-year useful life with no residual value. It expects to consume the equipments future economic benefits evenly over the useful life. The company has a December 31 year end.

Calculate the cost of the equipment.

Cost of the equipment

$enter cost of the equipment in dollars

Which depreciation method should the company use? select a method Units-of-production methodDiminishing-balance methodStraight-line method