Joyce Company purchased a new piece of equipment for $20,000. Joyce paid an additional $1,300 in sales tax on the purchase. While having the equipment installed at a cost of $500, Joyce discovered it would also need to renovate a component to make it compatible with its plant for $3,300 before using the equipment. Once in operation, Joyce prepaid for an annual insurance policy on the equipment for $2,400, and made small repairs for $200 in the initial three months operating it. What would Joyce record as the cost of the equipment on its books? O $27,500 O $25,100 O $20,000 $21,800