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Beaverton Lumber purchased milling equipment for $52,000. In addition to the purchase price, Beaverton made the following expenditures: freight, $3,200; installation, $4,700; testing, $3,700; personal

Beaverton Lumber purchased milling equipment for $52,000. In addition to the purchase price, Beaverton made the following expenditures: freight, $3,200; installation, $4,700; testing, $3,700; personal property tax on the equipment for the first year, $1,350.

What is the initial cost of the equipment?

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