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 equipments future economic benefits evenly over the useful life. The company has a December 31 year end.

(a)

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Calculate the cost of the equipment.

Cost of the equipment