Zebra publishing is a VAT registered vendor. They imported a large scale printing equipment from Japan at a purchase price of N$138 000 (VAT incl.). The equipment was shipped through Walvis bay, incurring shipping costs of N$20 000 (VAT excl.) and non-refundable import duties of N$10 000 (VAT excl.). Other related costs incurred were as follows (All VAT exclusive): Installation cost of N$15 464, including a service discount received of 3% Warehouse clearing and other cost of preparing the site of equipment N$5 000 Administrative and general overhead costs N$15 000; Cost of testing the equipment N$10 000; Proceeds from printing pamphlets for testing N$3 000 Advertisement for commencement of bulk printing services N$10 000 Present value of total cost to dismantle and remove the equipment at the end of its life N$15 000 Required:

Calculate and indicate the cost of equipment at initial recognition according to IAS 16.