Beaverton Lumber purchased a milling machine for $35,000. In addition to the purchase price, Beaverton made the

Question:

Beaverton Lumber purchased a milling machine for $35,000. In addition to the purchase price, Beaverton made the following expenditures: freight, $1,500; installation, $3,000; testing, $2,000; personal property tax on the machine for the first year, $500. What is the initial cost of the machine?