on Jan$\mathrm{.}1,2023$ equipment was purchased at price of $$17,000$ and paid following expenditures related to equipment:

Freight in cost $$2,000$

Insurance during transit $$1,500$

Installation and testing $$500.$

Additional Information

Estimated Residual Value $$1,000$

Estimated useful life $5$ years.

Compute the Cost of Equipment

$$:

on Jan$\mathrm{.}1,2023$ equipment was purchased at price of $$17,000$ and paid following expenditures related to equipment:

Freight in cost $$2,000$