Sheridan Enterprises purchased equipment on March 15, 2025, for $85,840. The company also paid the following amounts: $570 for freight charges, $330 for insurance while the equipment was in transit, $2,052 for a one-year insurance policy, $2,394 to train employees on how to use the new equipment, and $3,260 for equipment 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 salvage value. It expects to consume the equipment's economic benefits evenly over its useful life. The company has a December 31 year-end. (a) Your answer is incorrect. Calculate the cost of the equipment. Cost of the equipment $

Sheridan Enterprises purchased equipment on March 15,2025, for \$85,840. The company also paid the following amounts: $570 for freight charget, $330 for insurance while the coulpment was in transit, $2,052 for a one-year insurance policy, $2,394 to train employes on how to use the new equipment, and $3,260 for equipment testing and instaliation. The company began to use the equipment on April 1. Sheridan has estimated the equipment will have a 10-year useful life with no salvage value. It expects to consume the equipment's economic benefits evenly over its useful lfe. The company has a December 31 year-end. (a) F. Your answer is incorrect. Cakculate the cost of the equipment