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.
$\begin{array}{|l|r|}\hline \text { Purchase (invoice) price } & \$ 215,600 \\\hline \text { Transportation } & 1,400 \\\hline \text { Insurance during shipping } & 200 \\\hline \text { One-year fire insurance beginning August 1 of the current year } & 1,200 \\\hline \text { Installation cost } & 4,500 \\\hline \text { Raw materials and direct labor used to test the equipment } & 1,500\\\hline\end{array}$