Sheridan Enterprises purchased equipment on March 15, 2021, for $74,240. The company also paid the following amounts; $520 for freight charges: $183 for insurance while the equipment was in transit: $1,902 for a one-year insurance policy: $1,996 to train employees to use the new equipment; and $2,577 for testing and installation. The company began to use the equipment on April 1. Sheridan has estimated the equipment will have a 10-year useful life with no residual value. It expects to consume the equipment's future economic benefits evenly over the useful life. The company has a December 31 year end. (a) Calculate the cost of the equipment