Determine the initial cost of the following equipment purchase:

Purchase price $50,000 Freight In $2,500 Insurance while in transit $1,000 Installation $4,000 Test run $3,000 Insurance after equipment is placed in service $1,500 Personal property $750 Would I add all these up, except for the insurance after equipment is placed in serviced ($1,500) and personal property ($750), which would give me an initial cost of purchasing this equipment to: $60,500.00?