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Beaverton Lumber purchased milling equipment for $44,000. In addition to the purchase price, Beaverton made the following expenditures: freight, $2,400; installation, $3,900; testing, $2,900; personal

Beaverton Lumber purchased milling equipment for $44,000. In addition to the purchase price, Beaverton made the following expenditures: freight, $2,400; installation, $3,900; testing, $2,900; personal property tax on the equipment for the first year, $950. What is the initial cost of the equipment?

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