ABC Ltd has purchased an item of plant whose details are as follows:

Basic list price of the plant 250 000 Trade discount applicable to ABC Ltd 15% on list price Ancillary costs: Shipping and handling 2 500 Pre-production testing 10 000 Maintenance contract for 2 years 18 000 Site preparation costs: Electrical cable installation 12 000 Concrete reinforcement 5 000 Own labour costs		$250000
trade discount applicable to ABC Ltd	15% on list price
ancillary costs:
shipping and handling		$2 500
pre production testing		$10 000
mainatnce contract for2 years		$18 000
Site preparation costs:
Electrical cable installation	$12 000
Concrete reinforcement	$5 000
Own labour costs	3 000
		$20 000

.

ABC Ltd paid for the plant (excluding ancillary costs) within 30 days,

obtaining an early settlement discount of 20%.

ABC Ltd had incorrectly specified the power loading of the electrical cable to be installed by the contractor. The cost of rectifying this error of $5000 is included in the figure of $12 000 above.

The plant has an estimated useful life of 10 years, at the end of which there will be compulsory costs of $10 000 to dismantle the plant and $4 000 to restore the site to its original condition.

Required

Calculate the amount at which the initial cost of the plant should be shown.