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Cullumber Enterprises purchased equipment on March 15,2021 , for $78,030. The company also paid the following amounts: $540 for freight charges; $212 for insurance while the equipment was in transit; $1,749 for a one-year insurance policy; $1,970 to train employees to use the new equipment; and $2,978 for testing and installation. The company began to use the equipment on April 1. Cullumber 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) Your answer is correct. Calculate the cost of the equipment. Cost of the equipment $ Which depreciation method should the company use? eTextbook and Media Attempts: 1 of 3 used (c) 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$