Acquisition Cost On January 1, 2014, Ruby Company purchased a piece of equipment with a list price of exist60,000. The following amounts were related to the equipment purchase: Terms of the purchase were 2/10, net 30. Ruby paid for the purchase on January 8. Freight costs of exist1,000 were incurred. A state agency required that a pollution control device be installed on the equipment at a cost of exist2, 500. During installation, the equipment was damaged and repair costs of exist4,000 were incurred. Architect's fees of exist8, 600 were paid to redesign the work space to accommodate the new equipment. Ruby purchased liability insurance to cover possible damage to the asset. The three-year policy cost exist8,000. Ruby financed the purchase with a bank loan. Interest of exist3,000 was paid on the loan during 2014. Determine the acquisition cost of the equipment