Podunk College recently purchased new exercise equipment for its gym. The following information refers to the purchase and installation of this equipment: 1. The list price of the equipment was $180,000; however, Podunk College qualified for an "educational discount" of $30,000. It paid $20,000 cash for the equipment, and issueda 3-month, 12% note payable for the remaining balance. The note, plus accrued interest charges of s3,900 was paid promptly at the maturity date. 2. In addition to the amounts described in 1, Podunk paid sales taxes of S7,500 at the date of purchase. 3. Freight charges for delivery of the equipment totaled S1,200. 4. Installation and training costs related to the equipment amounted to S4,000. 5. During installation, one of the pieces of equipment was accidentally damaged by an employee. It cost the college S600 to repair this damage 6. As soon as the equipment was installed, the college paid $70,000 to print admissions brochures featuring the gym's new, state-of-new-art exercise facilities.