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Calculate the cost of the equipment

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Question - Sandhill Enterprises purchased equipment on March 15, 2018, for $81,660. The company also paid the following amounts: $540 for freight charges; $211 for insurance while the equipment was in transit; $1,859 for a one-year insurance policy; $2,174 to train employees to use the new equipment; and $3,029 for testing and installation. The equipment was ready for use on April 1, but the company did not start using it until May 1.

Sandhill 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.

Required - Calculate the cost of the equipment.

Reference no: EM132555879

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