new company purchased equipment on june 15 of the current year and placed it in service on august 1. the following costs were incurred in acquiring the equipment

purchase invoice price 215,600

transportation 1,400

insurance during shipping 200

one year fire insurance beginning august 1 of the current year 1,200

installation cost 4,000

raw materials and direct labor used to test equipment 1,000

determine the amount to be recorded as cost for equipment