Sheridan Company purchased equipment on account on September 3, 2022, at an invoice price of $197,000. On September 4, 2022, it paid $5,000 for delivery of the equipment. A one-year, $1,980 insurance policy on the equipment was purchased on September 6 , 2022. On September 20, 2022, Sheridan paid $3,000 for installation and testing of the equipment. The equipment was ready for use on October 1,2022 Sheridan estimates that the equipment's useful life will be four years, with a residual value of $14,500. It also estimates that, in terms of activity, the equipment's useful life will be 95,250 units. Sheridan has a September 30 fiscal year end. Assume that actual usage is as follows: Your answer is correct. Determine the cost of the equipment. Cost of equipment $ (Round depreciable amount per unit to 2 decimal places, eg. 5.27 and the final answers to 0 decimal places, es.5,276) 1. STRAIGHT-LINE DEPRECIATION (Round depreckable omount per unlt to 2 decimol ploces, eg. 5.27 and the final answers to 0 decimal places, e.8. 5,276.) 1.STRAIGHT-LINE DEPRECIATION 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION 3. UNITS-OF-PRODUCTION