Determining Amount of PP&E to Capitalize

AMP Corporation purchased new manufacturing equipment with an invoice cost of $$50,000,$ plus sales tax of $6\%$ on the selling price. AMP also incurred a freight charge of $10\%$ of the selling price to obtain the equipment and paid an outside consultant $$500$ for installation of the equipment. AMP retained the services of the consultant for an additional few days for $$1,000$ to help employees train on the equipment's operations. Insurance premiums increased by $$300$ for the year related to the equipment usage. The company also received $$1,000$ for the residual value of the machine that was replaced.

Determine the amount AMP should capitalize for equipment related to this purchase. $