On October 15, 2020, Out West Enterprises purchased new factory equipment for its manufacturing facilities. The new equipment had an invoice price of $16,000, plus a 6% sales tax and $1,500 in general purpose training expenses (not related to initial equipment operation) In addition, the purchaser was responsible for $950 of freight charges. The sale was subject to 2/10, n/45 credit terms. Upon receipt of the new equipment Out West Enterprises paid $1,200 to have the equipment installed. To finance this and other purchases, Out West Enterprises borrowed $17,000 from the First Street Bank for 60 days at 12% interest. Out West Enterprises paid the invoice within 9 days. Requirements Calculate the cost of the factory equipment to be capitalized on the books. Show your work on costs included and excluded