10. On January 1, 2016, Humansville Company purchased a piece of equipment with a list...
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10. On January 1, 2016, Humansville Company purchased a piece of equipment with a list price of $80,000. The following amounts were related to the equipment purchase: Terms of the purchase were 2/10, net 30. Humansville paid for the purchase on January 8. Freight costs of $1,250 were incurred. A state agency required that a pollution control device be installed on the equipment at a cost of $3,300. During installation, the equipment was damaged and repair costs of $4,200 were incurred. Architect's fees of $6,100 were paid to redesign the work space to accommodate the new equipment. Humansville purchased liability insurance to cover possible damage to the asset. The three-year policy cost $8,700. Humansville financed the purchase with a bank loan. Interest of $4,600 was paid on the loan during 2016. Required: Determine the acquisition cost of the equipment
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