Determining Amount of PP&E to Capitalize

AMP Corporation purchased new manufacturing equipment with an invoice cost of $$60,000,$ plus sales tax of $5\%$ on the selling price. AMP also incurred a freight charge of $8\%$ of the selling price to obtain the equipment and paid an outside consultant $$600$ for installation of the equipment. AMP retained the services of the consultant for an additional few days for $$1,200$ to help employees train on the equipment's operations. Insurance premiums increased by $$360$ for the year related to the equipment usage. The company also received $$1,200$ for the residual value of the machine that was replaced.

Determine the amount AMP should capitalize for equipment related to this purchase. $$67,560$