Calculate the amount recorded as the cost of a new machine given the following payments related to its purchase: gross purchase price, $700,000; sales tax, $49,000; purchase discount taken, $21,000; freight cost—terms FOB shipping point, $3,500; normal assembly costs,

$3,000; cost of necessary foundation for machine, $2,500; cost of parts used in maintaining the machine, $4,200. lop5