Albemarle Company purchased an asset with a list price of $70,000 and received a 2% cash discount on the purchase. The asset was delivered under terms FOB shipping point, and freight costs amounted to $1,400. Albemarle paid $1,600 to have the asset installed. Insurance costs to protect the asset from fire and theft amounted to $800 for the first year of operations. Based on this information, the amount of cost recorded in the asset account would be: O a. $70,600. O b. $72,800 Oc. $73,000. Od $70,000