Cullumber Company purchased equipment on account on September 3 , 2 0 2 2 , at an
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Question:
Cullumber Company purchased equipment on account on September at an invoice price of $ On September it paid $ for delivery of the equipment. A oneyear, $ insurance policy on the equipment was purchased on September On September Cullumber paid $ for installation and testing of the equipment. The equipment was ready for use on October Cullumber estimates that the equipment's useful life will be four years, with a residual value of $ It also estimates that, in terms of activity, the equipment's useful life will be units. Cullumber has a September fiscal year end. Assume that actual usage is as follows:
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