Sheridan Enterprises purchased equipment on March 15,2021 , for $77,880. The company also paid the following amounts: $460 for freight charges; $205 for insurance while the equipment was in transit; $1,946 for a one-year insurance policy; $2,120 to train employees to use the new equipment; and $3,015 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. Cost of the equipment $ * Your answer is incorrect. Using the method chosen above, calculate the depreciation on the equipment for 2021 . (Round answer to 0 decimal places, e.g. 5,275. Depreciation for 2021