A Company Purchased Equipment on July 3 of the Current

A company purchased equipment on July 3 of the current year and placed it in service on August 1. The following costs were incurred in acquiring the equipment. Determine the amount to be recorded as cost for the equipment.
$\begin{array}{|l|r|}\hline \text { Purchase (invoice) price } & \$ 215,600 \\\hline \text { Transportation } & 1,400 \\\hline \text { Insurance during shipping } & 200 \\\hline \text { One-year fire insurance beginning August 1 of the current year } & 1,200 \\\hline \text { Installation cost } & 4,500 \\\hline \text { Raw materials and direct labor used to test the equipment } & 1,500 \\\hline\end{array}$