Oriole Company purchased equipment on account on September 3, 2019, at an invoice price of $195,000. On September 4, 2019, it paid $4,800 for delivery of the equipment. A one-year, $1,970 insurance policy on the equipment was purchased on September 6, 2019. On September 20, 2019, Oriole paid $3,200 for installation and testing of the equipment. The equipment was ready for use on October 1, 2019. Oriole estimates that the equipment's useful life will be four years, with a residual value of $13,500. It also estimates that, in terms of activity, the equipment's useful life will be 94,750 units. Oriole has a September 30 fiscal year end. Assume that actual usage is as follows: # of Units 15,550 23,850 20,150 36,100 Year Ended September 30 2020 2021 2022 2023 Determine the cost of the equipment. Cost of equipment $ 203000