Central Machine tools purchased an industrial equipment to be used in its manufacturing process. The purchase price was $62,000. Central paid a freight company $1,000 to transport the machine to its plant location plus $300,00 shipping insurance. In addition, the machine had to be installed and mounted on a special platform built specifically for the machine at a cost of $1,200. Several trial runs were made to ensure proper operation of the equipment. The cost of these trials was $600.000. State sales tax paid on the equipment $00.00. Maintenance and repair of the equipment was $700.00.

Required:

At what amount should Central capitalize the equipment?