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on Jan.1,2023 equipment was purchased at price of $17,000 and paid following expenditures related to...

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Accounting

on Jan.1,2023 equipment was purchased at price of $17,000 and paid following expenditures related to equipment:
Freight in cost $2,000
Insurance during transit $1,500
Installation and testing $500.
Additional Information
Estimated Residual Value $1,000
Estimated useful life 5 years.
Compute the Cost of Equipment
:
on Jan.1,2023 equipment was purchased at price of $17,000 and paid following expenditures related to equipment:
Freight in cost $2,000
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